Premier Fishing SA Workers to Share the Spoils in Future

By admin on Oct 13 in Local news, SAPFIA news.

Available at : https://www.fishingindustrynewssa.com/2020/10/06/premier-fishing-sa-workers-to-share-the-spoils-in-future/

[ Accessed on the 9th October 2020 ]

Premier Fishing SA (PFSA) is in the process of finalising a deal that will bring smiles to the faces of some 900 of its workers.The company, a division of JSE-listed Group Premier Fishing and Brands Limited. is one of the largest black-owned and managed fishing companies in South Africa.

It has announced that it intends transferring 20% of the company’s shares to an employee share trust.

A further 10% will be transferred to a BEE consortium through a special purpose vehicle.

The BEE consortium is still to be identified and agreed by the company’s shareholders.

In both cases the beneficiaries shall be black people as defined in the Broad Based Black Economic Act No 53 of 2003.

Lost in Translation. BBBEE Impact on Quota Allocations

Rationale

In a cautionary announcement issued at the beginning of October, Premier Fishing and Brands set out the rational for the BEE transaction. The main aim is to comply with Section 2 of the Marine Living Resources Act, in particular section 2(j).

This responds to the need to restructure the fishing industry to address historical imbalances and to achieve equity within all branches of the fishing industry.

The transaction will also increase the black ownership of PFSA to 78%. This will further strengthen its interest in securing fishing rights in the upcoming fishing rights allocation process (FRAP 2021).

The initiative will benefit employees who reside in Saldanha Bay, Cape Town, Hout Bay, Gansbaai, and Port Elizabeth.

The company is hopeful that the conditions precedent in the memorandum of understanding outlining this transaction will be completed in the next two weeks.

Investigation. Premier Fishing Share Trading Scrutinised

Just a Name Change? Transformation Study Confirms BBBEE Commitment

PFSA has been a BEE level 1 entity for two years. About 90% of its suppliers are black-owned SMMEs.

PFSA’s principal operations are catching, processing and marketing of pelagic (pilchards and anchovy), west coast rock lobster, south coast rock lobster, squid and hake.

The Group also earns cold storage revenue through the use of cold and dry storage space by its customers.

It is also involved in aquaculture (abalone farming) and environmental friendly fertiliser products.

Legal. Changes Required for Fish Processing Establishments

Available at : https://www.fishingindustrynewssa.com/2020/10/06/premier-fishing-sa-workers-to-share-the-spoils-in-future/

[ Accessed on the 9th October 2020 ]

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