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GNDE - Grindrod Limited - Shareholding In Oreport (Pty) L

30/06/2005 17:29:51

Grindrod Limited - Shareholding In Oreport (Pty) Limited
Grindrod Limited
(Registration number: 1966/0009846/06)
Share code: GND ISIN: ZAE000052247
Grindrod Limited is pleased to announce that it has acquired, through Oreport's
holding company Seascape Commodities (Pty) Limited, a 50% shareholding in
Oreport. Grindrod will subscribe for its shareholding in cash and the effective
date of the transaction is 1st July 2005.
This transaction is subject to the approval of the shareholders of Seascape
Commodities and to certain regulatory approvals including the approval of the
Competition Board.
Oreport is an international marketing organization specializing in the worldwide
procurement, physical movement and distribution of a range of industrial raw
materials.
The parties have agreed that Oreport will continue to be run by its existing
management. The parties are confident that the synergies created by the
transaction will be mutually beneficial and will further advance Grindrod's
diversification strategy and also the growth targets which Oreport has set for
itself.
Contact:
Tim McClure - 083 251 4971
Managing Director, Island View Shipping
Brendan McIlmurray - 011 233 7300 / 082 786 2777
Chairman, Oreport
Date: 30/06/2005 05:27:29 PM
Produced by the JSE SENS Department

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