Johannesburg - South African logistics company Grindrod said on Friday it would issue up to R4bn worth of new shares to expand its port, terminal and rail capacity.
Grindrod which is involved in shipping and freight plans to spend a total of R10bn over the next three years on expansion funded by both debt and equity.
Grindrod said in a statement it will receive net cash proceeds of R3bn from issuing the new shares.
The company's shares dipped 1.78% to R26 at 14:15.