Grindrod Shipping Holdings lists on JSE | Fin24

Grindrod Shipping Holdings lists on JSE

Jun 19 2018 18:26

International shipping company Grindrod Shipping Holdings announced on Tuesday that it has listed in the Industrial Transportation Sector of the JSE.

Its share code is "GSH". 

The sector has a total market capitalisation of R70.3bn. It is the 8th company to list on the JSE this year.

Grindrod owns, charters and operates a fleet of drybulk carriers and tankers. The company owns some of the vessels directly and others in joint venture arrangements. 

The drybulk carrier business is further divided into handysize, supramax, and other operating segments. The tankers business, meanwhile, is divided into medium range tankers, small tankers, and other operating segments.

Grindrod said in a statement that the transport sector was a key contributor to South Africa’s competitiveness in global markets, and a crucial engine for economic growth and social development.

In April 2018 the Grindrod group changed from a private company to a public company.

According to Mike Hankinson, executive chair of Grindrod, the separate listing of the shipping business will enable shareholders to better understand and evaluate Grindrod Limited’s freight and financial services divisions and better evaluate the separate shipping business, Grindrod Shipping Holdings.

Grindrod Shipping will be the first Singapore-based company to be listed on the JSE and the first company to simultaneously list on Nasdaq and JSE.

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equities  |  sa economy  |  jse  |  markets


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