Grindrod has announced plans to spin off its shipping division on the Nasdaq among a host of other changes on the cards at the South African logistics company.
Mike Hankinson, executive chairman of Grindrod, commented: “The change in the business cycle has impacted positively on the business and has provided the stimulus to implement the spin-off of the shipping business with a planned listing amongst its peer group on the Nasdaq with an inward listing on the [Johannesburg Stock Exchange].”
Grindrod put the net asset value of its shipping business at $320m. It operates a host of bulk carriers via subsidiary Island View Shipping and product tankers via subsidiaries Unicorn Shipping and Unicorn Tankers.
“We are confident that the restructured group is well positioned to benefit from increasing shipping rates, stronger demand for commodities and a more positive outlook for South Africa,” Hankinson elaborated in a release.