Grindrod shares rise on details of Nasdaq flotation of shipping division
Grindrod’s share price rose 1.5% to R15 on Monday morning after it released further details on its plan to list its shipping division on Nasdaq with a secondary listing on the JSE. Grindrod shareholders will receive one share in the new company, Grindrod Shipping Holding, for every 40 Grindrod shares held. Grindrod Shipping Holdings issued an abridged prelisting statement on Monday morning saying it planned to start trading on the JSE on June 19 under the ticker GSH. Its Nasdaq code will be GRIN. Monday’s statement says the face value of the shares once they start trading on Nasdaq is about $16.82 each. Grindrod will unbundle its shipping division by issuing 19-million shares, valuing it at $320m. Grindrod announced on March 23 that it had applied to Nasdaq to sell its loss-making shipping division to US investors, with the initial public offering date scheduled for about June 18. Grindrod Shipping’s revenue for the year to end-December was $355m and its net loss was $62m, Monday’s ...
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