Grindrod inks sizable BEE deal

February 23, 2009

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

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

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