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.