Grindrod to sell R4bn in new shares

Comment on this story
Grindrod_Rainbow Independent Newspapers.

Johannesburg - South African logistics company Grindrod said on Friday it would issue up to 4 billion rand 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 10 billion rand 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 3 billion rand from issuing the new shares.

The company's shares dipped 1.78 percent to 26 rand at 14:15 SA time. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines