Grindrod completes $250m deal with Remgro tie-up
South African investment company Remgro took a 19.3% stake in Grindrod, the country’s biggest shipping firm, through a R2bn ($250m) rights issue and by buying more shares on the open market, the firms revealed on Tuesday.
The deal, to fund capital expenditure, was structured with Remgro fully underwriting a 28.6-for-100 rights issue of 133.3m new shares priced at R15 each, a premium of 8.8% to the 30-day volume weighted average price.
Grindrod family shareholders holding 18% were not taking up their rights,
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