Your freight logistics and shipping service provider

GNDE - Grindrod Expands Its Empowerment Base

24/07/2003 13:51:47

Grindrod Expands Its Empowerment Base
Release Date: 24/07/2003 13:30:04 Code(s): GND GNN
Grindrod Expands Its Empowerment Base
GRINDROD LIMITED
JSE code: GND ISIN ZAE000030805
JSE code: GNN ISIN ZAE000030813
GRINDROD J&J LOGISTICS
GRINDROD EXPANDS ITS EMPOWERMENT BASE
Grindrod MD, Ivan Clark and J&J Chairman, Jay Naidoo, announced in Johannesburg
today the formation of a warehousing and logistics joint venture, Grindrod J&J
Logistics. The shares will be held equally by Grindrod and a consortium led by
the J&J Group.
Grindrod recently bought out the interests of the London listed P&O Group in
Kusasa Bulk Terminals and P&O Grindrod Logistics.
Kusasa Bulk Terminals is a heavy mineral terminal owner and operator based in
Richards Bay and has assets in excess of R130 million. P&O Grindrod Logistics,
on the other hand, operates wharfside facilities in all the major port areas of
South Africa with a strong presence in Durban.
These shareholdings have been onsold to the newly created Grindrod J&J Logistics
Company to provide the basis for a terminal and logistics business involved in
South African ports. The deal is effective 1 July 2003. Grindrod has provided
innovative financing to facilitate the venture.
Jay Naidoo stated "The joint venture provides critical operating mass and
expertise to establish an effective logistics player across South Africa and the
continent to take up the opportunities that are opening up as a result of the
restructuring taking place to accelerate economic development in Africa."
"For Grindrod, the joint venture with J&J opens up huge opportunities in the
freight logistics market as numerous customers are looking for top class service
from truly empowered companies," said Ivan Clark.
"This joint transaction confirms Grindrod"s commitment to South Africa and
enhances our policy of promoting value adding empowerment transactions at
operating level," he said.
Grindrod already has numerous empowerment joint ventures at operating level.
Amongst these are Eyethu Ships Agencies with Chris Magugula, Kapele Freight with
Ithuba, Future Auto Carriers with Caiphus Khabana, Southern Tankers with Dudula
Shipping and Kusasa and Navitrade with the Worldwide Group.
This empowerment deal comes just weeks before Grindrod is due to announce its
interim results (August 13).
Ends
Issued by : Lesley van Duffelen
Of : Simeka TWS Communications
Phone : (031) 203-9800
Cell : (083) 7874533
E-mail : lesleyv@stws.adcorp.co.za
On behalf of : Grindrod
Contact : Ivan Clark, managing director
Phone : (031) 304 1451
Cell : (082) 891 3587
On behalf of : J&J Group
Contact : Dr Chris Jardine, Chief Operating Officer
Phone : (011) 4473215
E-mail : chris@jandjgroup.com

Back to securities exchange news feed