Logistics and freight group Grindrod said on Thursday it would sell the remaining 9.6% stake in Grindrod Shipping as part of its plan to exit noncore operations.
Grindrod spun off its shipping business in 2018, resulting in its subsequent listing on the Nasdaq and JSE. At the time, the group said it wanted to unlock value in the shipping business, which was underperforming relative to other businesses in its portfolio.
The Durban-based company raised about R368.27m after selling the stake at R199.94 each, which represented a 14% discount to the closing price of Grindrod Shipping on the Nasdaq, where it has a primary listing.
Based in Singapore, Grindrod Shipping charters-in and operates a fleet of dry-bulk carriers and owns one medium-range product tanker.
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