Grindrod to spin off shipping business

Grindrod to spin off shipping business

South African shipping and logistics firm Grindrod is planning to spin off and list its shipping business.

Grindrod has had the intention to separate the shipping business from the balance of the group for many years as it does not believe that the value of the shipping business is fairly reflected in the Grindrod share price.

“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,” said Mike Hankinson, executive chairman of Grindrod.

“The process is well progressed and we are planning to complete the process in the first half of 2018,” Hankinson added.

Currently Grindrod operates within the bulk and tanker sectors with a self-owned fleet of 42 vessels.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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