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.