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Grindrod to dispose of remaining stake in Singapore shipping player

South African logistics player Grindrod is selling its remaining 9.6% stake in Grindrod Shipping as part of its plan to exit non-core operations.

“Grindrod has communicated its commitment to dispose of investments that are non-core to its business, which includes Grindrod’s investment in Grindrod Shipping. The Disposal is expected to result in an improved capital allocation reflective of the Company’s strategy,” the Durban-headquartered firm stated in a release to the Johannesburg Stock Exchange.

Grindrod spun off its shipping business in 2018. Grindrod Shipping, based in Singapore, has a fleet of dry bulk carriers and one MR product tanker.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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