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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Grindrod to decide on separate shipping listing by end of 2017

24 Aug 2017 10:37 GMT

Board 'does not believe that the value of the Shipping business is fairly reflected in the Grindrod share price'.



South African conglomerate Grindrod says it intends to make a final decision regarding a separate listing for its shipping business before the end of this year.

Grindrod explained on Wednesday that "it does not believe that the value of the Shipping business is fairly reflected in the Grindrod share price", and, as a result, the board of directors has resolved to look into a separate listing.

The revenue of Grindrod's shipping business is heavily influenced by jointly owned bunker firm Cockett Marine Oil and subsidiary Unicorn Bunkers. As Bunker Index reported previously, revenue from marine fuel during the first half of 2017 (H1) made up 76.2 percent of shipping division sales (ZAR 11,510 million) - an increase on last year's figure of 68.8 percent.

As part of the process of achieving a separate listing, Grindrod's board says it will be investigating "all the relevant regulatory requirements locally and offshore, of the Shipping business, on a recognised international stock exchange".

"The Grindrod board has for many years reiterated the intention to separate the Shipping business from the balance of the group," Grindrod also noted.

Grindrod said its management would continue its strategic focus on the freight and financial services businesses, and that it expects to make a final decision regarding the separate listing before the end of 2017.

Executive chairman, Mike Hankinson, is to remain in his role to oversee the process.

As mentioned previously, former CEO Alan Olivier has been acting as a consultant to the shipping division since retiring on July 31.




Related Links:

Cockett posts H1 loss, Grindrod records 33% fall in marine fuel profit
Grindrod expects H1 loss to be an improvement on last year
Grindrod's CEO to retire, but will act as consultant to shipping division with bunker subsidiaries
Grindrod issues annual report
Grindrod's bunker barge business has positive impact, but losses expected
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