Grindrod Limited - Grindrod Acquires African Coal Terminals
GRINDROD LIMITED
(Registration number: 1966/0009846/06)
Share code: GND
ISIN: ZAE000052247
GRINDROD ACQUIRES AFRICAN COAL TERMINALS
February 8, 2005
Grindrod has today acquired control of the Namibian listed African Portland
Industrial Holdings Limited (API), the owner of Matola Coal Terminal in Maputo
and the Walvis Bay Coal Terminal.
Laurence Stuart-Hill, a Grindrod director, said: `The purchase of 72% of API
gives the Group ownership and access to bulk terminals on the east and western
seaboard of Africa, which we believe will be of value to the Group.`
The deal amounts to R29,3 million at R2,30 a share and indicates a substantial
premium to the current API traded price of 75c on the Namibian Stock Exchange.
`The Matola terminal in Maputo has enormous potential considering the region it
serves. Grindrod aims to expand its presence in the Port of Maputo where it can
service its wide customer base and provide synergies for its shipping lines
particularly in the bulk sector,` said Stuart-Hill.
Athol Emerton, the managing director and major shareholder of API, said: `We are
extremely happy to have the majority shareholder in the form of Grindrod who has
varying freight interests and specific expertise in the maritime arena. We see
synergies and further opportunities being developed between Grindrod and
ourselves into the future`.
Grindrod`s acquisition of API follows the announcement late last year by
managing director, Ivan Clark, of the intention to invest up to R1 billion in
landside businesses to balance Grindrod`s book of shipping businesses. Grindrod
is currently enjoying a substantially high shipping market which has produced
exceptional results notwithstanding the strong Rand Dollar exchange rate.
Contact Details
Grindrod Limited African Portland Industrial Holdings
L R Stuart-Hill A Emerton
083-300 0820 083-775 7505
031 304-1451 031-309 5959
Date: 08/02/2005 12:01:21 PM
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