Grindrod to list shipping unit
Improved commodity markets boost results as group plans to unbundle business onto international exchange
Freight, shipping and financial services group Grindrod said on Wednesday its results for the half-year to June 30 reflected better commodity markets. It also set out plans for an offshore listing of its shipping business. The stronger markets had positively affected earnings before interest, tax, depreciation and amortisation (ebitda) of R640m, inclusive of joint ventures and excluding the rail assembly businesses. This compared with ebitda of R246m in the same period in 2016. The closure of the rail-assembly businesses held for sale had resulted in losses and impairments of R255m and contributed to a headline loss of R129m for the period. However, this was 66% better than the R381m headline loss previously. "We have appointed professional advisers in and outside of SA in the fields of shipping, legal and financial to work with us on the unbundling of the shipping business onto an international exchange that supports shipping groups, with an inward listing into SA," said Mike Hanki...
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