JSE-listed freight and logistics company Grindrod on Monday signed an agreement to sell its 20.3% stake in grain services provider NWK Limited to NWK Holdings Limited for R204-million.
The transaction is expected to be finalised by the end of this month.
Grindrod last month announced that, as part of a strategic review process, it intended to dispose of certain noncore businesses, which included its agricultural investments in NWK and Senwes, as well as the marine fuels business.
“Grindrod’s focus is on unlocking sub-Saharan African trade corridors, which requires the alignment of investments along key corridors, effectively providing logistical solutions for cargo flow,” said CEO Andrew Waller.
NWK deals with the storage and handling of grain, as well as the provision of finance, market access, production inputs and value-added services for grain producers.