Grindrod Shipping Holdings, the shipping business spun out of South Africa’s Grindrod, began trading on the Nasdaq on Monday.
Listed under the ticker GRIN with a net asset value of $320m, the spin-off was not a capital raise and so initial trading was rather quiet, however the share price was stable at $17.
Martyn Wade, chief executive officer of Grindrod Shipping, commented, “Grindrod has been involved in various segments of the shipping and transport industry for more than 100 years. As a separate and independent entity, Grindrod Shipping will be able to pursue a growth strategy focusing only on the shipping business to maintain and enhance our position as a successful owner and operator of drybulk carrier and tanker vessels. New York has been the destination of choice for the majority of global shipping companies and we are pleased to join the NASDAQ platform as we position the company for the next phase of its development.”
Grindrod operates a host of bulk carriers via subsidiary Island View Shipping and product tankers via subsidiaries Unicorn Shipping and Unicorn Tankers.
— Nasdaq (@Nasdaq) June 18, 2018