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