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Grindrod plans to spin off shipping business

August 24 - The South Africa-based freight logistics and shipping services company, Grindrod is planning to separate and list its shipping business in order to unlock its value, the company said on Wednesday.

In an official statement Grindrod said it has believed for many years that the value of its shipping services was not fairly reflected in its share price.

Executive chairman Mike Hankinson said the board has resolved to investigate a separate listing of the business offshore.

"We have appointed professional advisors in and outside of South Africa in the fields of shipping, legal and financial to work with us on the unbundling of the shipping business onto an international exchange that supports shipping groups with an inward listing into South Africa," Hankinson said.

"The process is well progressed and we are planning to complete the process in the first half of 2018."

In the freight forwarding and logistics arena, Grindrod is a part owner of Röhlig-Grindrod along with Röhlig & Co Internationale and Calulo Investments.

Through Sturrock Grindrod Maritime, the group can handle heavy lift project shipping.

 

www.grindrod.co.za

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