Grindrod facing delays with separate listing of shipping unit, but still positive about H1 completion
Owing to the cross jurisdictional nature of a proposed international listing by Grindrod, through which it is aiming to launch a separate listing of its shipping business, the various processes required by regulators in the different relevant jurisdictions are taking longer than initially expected, the company said on Tuesday.
However, the JSE-listed company noted that work was continuing and, based on current timing estimates, Grindrod aims to make its final determination on the proposed international listing in the early part of this year.
Assuming the required regulatory approvals are successfully obtained, Grindrod will seek the listing of the shipping business before the end of the first half of the year.
The company last year said it intended to unbundle and list its shipping business as a separate entity on the JSE, as it did not believe that the value of the shipping business was being fairly reflected in the Grindrod share price.
The decision further springs from Grindrod’s ports and terminals division’s profitability having been strong. “On the back of firm commodities markets, volumes handled in the dry-bulk terminals increased by 62%, compared with the prior year comparative period,” said chairperson Mike Hankinson in August last year.
The logistics business showed a good turnaround and was looking forward to an improved outlook in South Africa.
Dry-bulk shipping rates also increased, owing to steadily increasing dry-bulk commodities demand, continued vessel scrapping and a slowdown in new build deliveries.
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