18 June 2018
Grindrod Shipping lists on Nasdaq with secondary listing on the JSEPublished by Grindrod Shipping Holdings Ltd in General
Grindrod Limited, South Africa, Durban, 18 June 2018: Today, at 09h30 EST in New York City, the bell will ring on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square will light up with the Grindrod Shipping logo, and display Grindrod Shipping’s majestic vessels.
There are only a few South African companies that have achieved a primary listing on an offshore stock exchange with an inward listing on the JSE. For Grindrod Limited, the separation and listing of its Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable shareholders to better understand and evaluate Grindrod Limited’s Freight and Financial Services divisions and better evaluate the separate Shipping business, which will now be listed alongside its peers in an improving commodity cycle. “This is a wonderful achievement for Grindrod and will be noted in Grindrod’s 108-year history as among the most memorable”, said Mike Hankinson, executive chairman, Grindrod limited.
Grindrod Shipping Holdings, based in Singapore, will list on the Nasdaq today under the ticker GRIN. As this is not a capital raise, the trade in the share is expected to be subdued initially, as all current shareholders will look to increased value in the months ahead. All Grindrod Limited shareholders will receive 1 share in Grindrod Shipping Holdings for every 40 shares held in Grindrod Limited and will be able to trade these shares on the JSE tomorrow, 19 June 2018 under the ticker GSH in the industrial transportation sector. The Grindrod Limited share price has adjusted accordingly. The NAV on listing is $320 million which equates to a theoretical value of approximately $16.8 per share.
The two underlying businesses, namely Island View Shipping and Unicorn Shipping are highly regarded in the shipping industry. Their modern, fuel-efficient fleet of 49 vessels (including two new buildings under construction), both dry-bulk vessels and tankers, are manned by dedicated and loyal seafarers who complement the skilled and experienced shoreside staff which has enabled Grindrod Shipping to out-perform major shipping indices in the past.
For more information about Grindrod Shipping, please visit www.cmswar.com or contact Alison Briggs on email@example.com or phone +27 31 302 7113 or +27 83 4192970.
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