Troubled Reunion fishing company Sapmer is expanding its shareholder base with the addition of new local partners, while also receiving a capital increase of €20 million.
This comes with a memorandum of understanding with Sapmer’s bankers, as Jaccar Holdings announced that a takeover offer has been accepted from Sapmer shareholder Cana Tera, a holding company owned by Jacques de Chateauvieux.
This is for the takeover by Cana Tera of 94.4% of Sapmer Investissements, which in turn controls 90% of the shares in Sapmer SA. This arrangement provides a two-year repayment moratorium on Sapmer SA’s long and medium-term debt followed by the spread of repayments over a five-year period.
‘The solution proposed by Cana Tera makes it possible to satisfy the planned sale of the company Sapmer SA by Jaccar Holdings while maintaining continuity for the company, strengthening its presence in Reunion and the integrity of its activities,’ stated Jacques de Chateauvieux, President of Cana Tera.
‘In fact, the guarantee of coverage of the capital increase is due to the efforts of institutions, entrepreneurs and Reunion families who wanted to ensure the sustainability of an iconic company. This solution was also possible thanks to the support of the banks, established in Reunion Island and committed to solidarity with the local economy.’
According to Sapmer, the capital increase strengthens its own financial position, as well as enabling an ambitious investment programme to renew its longline fleet. The construction of innovative vessels aims to improve crew conditions, enable a greater respect for the environment, streamline energy consumption and be conducive to extracting higher values from production.
‘I am particularly happy with the outcome of this Sapmer sale process. We had set ourselves the objectives of keeping Sapmer under the French flag and guaranteeing the integrity of the company. We have gone even further since Sapmer is 100% Peï thanks to the Reunionese who responded,’ said Sapmer chairman and CEO Adrien de Chomereau.
Sapmer will continue to operate its current fleet of four freezer longliners for fishing for toothfish, a freezer trap vessel fishing for lobster and three freezer purse seiners fishing for albacore and skipjack tuna in the Indian Ocean – having last year divested itself of three purse seiners that had been operating under the flag of Mauritius.