Sea Harvest International Proprietary has entered a bid implementation agreement to acquire the remaining stake it does not already own in ASX-listed seafood company Mareterram.

Currently, Sea Harvest holds a 56.3% stake in Mareterram.

Sea Harvest is offering the Australian company A$0.25 ($0.18) cash for every Mareterram share. This takes the value of the entire issued capital of Mareterram at approximately A$38.6m ($27.5m) and acquisition price for the proposed offer at A$16.9m ($12m).

Headquartered in Fremantle, Western Australia, Mareterram Fisheries has been in the business for more than five decades. It is reported to be the single largest owner-operator within the waters of Shark Bay Prawn Managed Fishery.

Sea Harvest Group CEO Felix Ratheb said: “Sea Harvest has a long history with Mareterram, a vertically integrated, sustainable agri-business. The journey began with the signing of an agency agreement with the Craig Mostyn Group (Mareterram’s predecessor) more than 50 years ago.

“This latest bid is therefore in line with our strategy, but more importantly, will allow us to extract operational synergies, whilst supporting Mareterram’s growth strategy.”

“In line with Sea Harvest’s organic and acquisitive growth strategy, we successfully acquired a 19.9% share in the Mareterram in January 2016, which was increased to the current 56.3% in July 2016.

“This latest bid is therefore in line with our strategy, but more importantly, will allow us to extract operational synergies, whilst supporting Mareterram’s growth strategy.”

Ratheb added that by acquiring a 100% stake in Mareterram will enable Sea Harvest to accelerate growth objectives, which  include diversifying its earnings, increasing market share, and presence in Australia.

Last August, Sea Harvest’s wholly owned subsidiary Cape Harvest Food concluded a share purchase agreement to acquire the entire issued share capital of Ladismith Cheese for $36m.

Located in the Western Cape Province of South Africa, Ladismith Cheese products are distributed to supermarkets and major retailers in the country.