Mr. Radley Weber of Oceana Fisheries, a privately-owned Seychelles fishing company, was one of the several private-sector businesses represented at the Seychelles Investment Forum held on July 21 and 22 in Johannesburg, South Africa.
Making a strong case for foreign investment in the company with a current turnover of US$14 million and pre-tax profit of US$2 million, Mr. Weber’s presentation invited a foreign partner to come on board in securing long-lining fishing vessels and in the processing of value-added products.
‘We are seeking an investment of US$500,000 per vessel with a capacity of 10 tons per trip and a value of raw products standing at US$15 to US$20 per kilo,” explained Weber, “with an initial fleet size of 10 vessels rising to 30 in 5 years.”
Other areas of development are increased factory production from 10 to 100 tons per day with a 25% to 30% return on an investment of US$20 million. “We will consider a sale of shares in the company, even majority shares, to a value of about US$10,000,000,” confirmed Weber, stating his satisfaction at the way the forum was organized.
Seychelles already possesses the largest tuna canning factory in the world and is also the planet’s largest tuna fishing port with a current capacity of 350,000 metric tons a year.
Fishing, tourism, and off-shore business were the main investment possibilities being presented by the Seychelles delegation in Johannesburg, South Africa.