Grindrod: R4bn issue to help fund expansion

Grindrod would issue up to R4 billion worth of new shares to fund the expansion of its port, terminal and rail capacity, the listed logistics company said on Friday. Grindrod, which is involved in shipping and freight handling, plans to spend a total of R10bn over the next three years on expansion, funded by debt and equity. It said in a statement that it would receive net cash proceeds of up to R3bn from issuing the new shares. The company’s shares dipped 1.4 percent to close at R26.10 on Friday. – Reuters