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GNDE - Grindrod Unicorn Group Limited - Press Release

31/05/2001 00:00:00

Grindrod Limited (previously Grindrod Unicorn Group Limited) poised to
increase turnover, profits and changes its name
Thursday May 31, 2001
Having concluded a number of substantial acquisitions and partnerships with
leading international companies in the past 18 months, the Grindrod Group is
poised to increase turnover and profitability further in 2001, said Group
Chairman, Mr. Murray Grindrod at the Annual General Meeting held yesterday.
During the 2000 financial year the Group's turnover grew by 50 percent to
R1,5 billion and it showed a major turn around in earnings from a R66
million loss in 1999 to a R74 million profit.
Grindrod said: "We are extremely happy with the growth that has taken place
over the past 18 months. It is our intention to consolidate and concentrate
on growth of our existing businesses as we believe we have the right
products, the right people and customer base in place to support this," he
said.
The Annual General Meeting endorsed the name change of Grindrod Unicorn
Group Limited, the holding company, to Grindrod Limited, subject to approval
by the registrar of companies. The Johannesburg Securities Exchange South
Africa has approved the change of name.
The simplification of the holding company name would hopefully eliminate
market confusion in which Grincor was sometimes identified with other listed
companies and allow the Group to reduce the number of brands.
Grindrod said that, "Since the original listing of Grindrod Unicorn Group
Limited, there have been many positive changes including the acquisition of
Island View Shipping, an investment in the Marriott Financial Services Group
and the buy up into many logistics based businesses which made the name less
appropriate."
"It will also allow the Group to develop an advertising campaign which
reflects the mixture of a new developing South African company with the
secure and well established names such as Unicorn, Island View Shipping,
King & Sons and Mitchell Cotts Maritime, " said Grindrod.
Ends
Issued by : Simeka TWS Communications
Contact : Lesley van Duffelen
(031) 203 9800
Cell : (083) 7874533
On behalf of : Grindrod
Contact : Murray Grindrod, Chairman
Phone : (031) 304 1451
Fax : (031) 3052241
Contact : Ivan Clark, Managing Director
Phone : (031) 304 1451
Fax : (031) 3052848
Cell : (082) 8913587

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