Grindrod announces R274-million BEE deal

February 23, 2009

Grindrod has concluded a R274-million broad-based black economic empowerment (BEE) transaction, the JSE-listed shipping and logistics business said on Monday.

The transaction resulted in the sale of 25% plus one share of its subsidiary, Grindrod (South Africa) to Calulo Petrochemicals (15%) and the Adopt-a-School Foundation (10%) by way of the issue of new equity for R274-million, according to a statement.

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