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GSA and Sturrock Shipping to merge

30 Oct 2012

Integrated freight and logistics service provider Grindrod (GND) on Friday, 26 October 2012, announced a merger between its shipping companies (King & Sons Limitada and Grindrod Ships Agencies) with the largest privately owned shipping and logistics company in South and East Africa‚ JFM Sturrock for a purchase consideration of R143 million.

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.

Source: I-Net Bridge

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