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IM recommended Grindrod as a buy in November 2020 at 370c, believing the asset-rich counter looked undervalued on management’s narrative that it was in the throes of restructuring.

Over the past two years Grindrod management has articulated that the sale of noncore assets, debt reduction, improved profitability and share buybacks were all on the cards. That sparked market interest in the lumbering mid-cap...

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