The agreement effectively creates a 50:50 joint venture‚ where JFM along with Calulo Investments agreed to purchase 100% of the issued share capital of Grindrod Ships Agencies (GSA) and King & Sons. In return‚ JFM will issue 1‚000 ordinary shares to Grindrod Holdings.
"The rationale for the transaction is the formation of an empowered joint venture with exposure across a broader range of sub-segments and geographic regions than either entity in its individual capacity‚" Grindrod said in a note on Friday.
The shipping company said the combined ships agency business would be represented across Africa and Australia.
"Where Grindrod traditionally has a strong market presence in the dry bulk space‚ providing services to both liner and non-liner clients‚ Sturrock Shipping is primarily involved in non-liner wet bulk activities‚ and whereas Sturrock Shipping has greater representation in Africa and Australia‚ Grindrod's ships agency operations are conducted in southern Africa only‚" Grindrod said.
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