Grindrod Limited (JSE:GND) signed an acquisition agreement to acquire 8.4% stake in Grindrod Shipping Holdings Ltd. (NasdaqGS:GRIN) from Friedshelf 1534 (Pty) Ltd for ZAR 77.8 million on July 21, 2020. Under the terms, 1.6 million shares will be purchased at ZAR 48.6 per share. The Purchase Price shall be left outstanding on interest free loan account and settled in accordance with the Implementation Steps. The acquisition are subject to the fulfillment of the condition precedent that by no later than October 5, 2020, the implementation agreement has become unconditional in accordance with its terms. The meeting of the shareholders of Grindrod will be held on September 7, 2020.

Edward Nathan Sonnenbergs Inc acted as legal advisor, BDO Corporate Finance (Pty) Ltd acted as independent expert, Nedbank Limited (JSE:NBKP) acted as financial advisor and Deloitte & Touche LLP acted as an accountant for Grindrod Limited.

Grindrod Limited (JSE:GND) completed the acquisition of 8.4% stake in Grindrod Shipping Holdings Ltd. (NasdaqGS:GRIN) from Friedshelf 1534 (Pty) Ltd on September 8, 2020.