JOHANNESBURG - Grindrod Shipping will today make its secondary JSE listing after successfully making its primary listing on the Nasdaq yesterday.
Grindrod Shipping holds the shipping business spun out of Grindrod Limited, a company listed on the local bourse. Martyn Wade, the chief executive of Grindrod Shipping, said the Nasdaq listing would allow the company to pursue a growth strategy focusing only on the shipping business, to maintain and enhance its position as a successful owner and operator of dry bulk carrier and tanker vessels.
“New York has been the destination of choice for the majority of global shipping companies and we are pleased to join the Nasdaq platform, as we position the company for the next phase of its development,” Wade said.
The firm’s parent company Grindrod Limited share price tanked 6.8percent to R9.18. The group said Grindrod Limited shareholders would receive one share in Grindrod Shipping Holdings for every 40 shares held in Grindrod Limited and would be able to trade these shares on the JSE today.
- BUSINESS REPORT