Summary of Proposed Investment
Project Number
7396
Company Name
Sea Harvest Company (PTY) Limited
Date SPI Disclosed
Mar 27, 1996
Country
Seychelles
Industry
Agribusiness and Forestry
Status
Completed
Sector
Seafood Product Preparation and Packaging
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : May 21, 1996
Signed : Oct 14, 1996
Invested : Jan 23, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Seychelles-Sea Harvest Company (PTY) Limited |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateMay 20, 1996
Company NameSea Harvest Company (PTY) Limited
Technical Partner and/or Major Shareholders
The company is owned jointly (1/3 share each) by Mr. and Mrs. Michael Mason, who are major entrepreneurs in Seychelles, and are involved in tourism, marine chandlery and maintenance, and by Mr. Guy Savy, who is involved in insurance, trading and agencies.
Project Cost Including proposed IFC investment
Total project cost is estimated at US$2.5 million equivalent. IFC have been asked to provide a loan of US$1 million equivalent.
Location of project and Description of site
The project’s on-shore facilities are located at Victoria Harbour.
Description of Company and Purpose of Project
The project involves the acquisition of four long-line fishing vessels to catch swordfish and tuna within Seychelles waters. The vessels will be supported by shore facilities, including an ice plant and cold rooms, where the fish will be gutted and prepared for export markets.
The project initiates the development of a premium niche in the Seychelles fishing sector, namely the processing of chilled fish for export to Europe and Japan. Exporting chilled (as opposed to frozen or canned) fish adds more value for the Seychellois economy. Successful implementation of this project could lead to a demonstration effect and encourage other businesses to switch to this higher value-added technology. The project also increases employment, provides worker training, and introduces higher safety and hygiene standards.
Environmental Category and Issues
This is an environmental review category B project. Environmental and occupational health and safety issues include sustainability of fish stocks, solid and liquid waste disposal (including bilge waste), safety at sea (employee training and provision of safety equipment), on board CFC-free cold storage, provision of personal protective equipment, general housekeeping and plant hygiene, compliance with all applicable WMO and international maritime requirements, fuel storage, recycling/disposal of used motor fluids and oils, and employee training and fire safety. The sponsor has submitted information addressing these issues.
The is April 20, 1996 from the Public Information Center.
| Date SPI sent to PIC | March 27, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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