Freight transportation arrangement company Grindrod on Thursday announced that it had sold its remaining shareholding in Grindrod Shipping for $24.8-million (R368.2-million).
The sale shares amount to about 9.6% of Grindrod Shipping’s total issued share capital.
Grindrod has previously communicated its commitment to dispose of investments that are noncore to its business, which includes Grindrod’s investment in Grindrod Shipping, which has a primary listing on the Nasdaq and a secondary listing on the JSE.
The sale shares were sold at a gross price of $13.5 (about R199.94) a share. This represents a discount of 14% to the Grindrod Shipping closing price of $15.7 a share on Nasdaq on September 22.
Settlement of the disposal is expected to occur on or about September 27.
Grindrod Shipping originated in South Africa with roots dating back to 1910, and is an international shipping company that owns, charters-in and operates a fleet of dry-bulk carriers and owns one medium range product tanker.
The company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam.