Grindrod Shipping Holdings Ltd - Singapore-based shipping firm 83% owned by Taylor Maritime Investments Ltd - Subsidiary Grindrod Shipping Pte Ltd has entered into two agreements to acquire Taylor Maritime Management Ltd from Taylor Maritime Group Ltd and to buy Tamar Ship Management Ltd from Taylor Maritime Group and Temeraire Holding Ltd. Following the deal, the two companies will become wholly owned subsidiaries of Grindrod Shipping. Says the acquisition is subject to certain conditions and closing is expected to occur before mid-October.
Under the terms of the transaction, Grindrod Shipping Pte Ltd and Island View Ship Management Pte Ltd have agreed to acquire all of the shares of Taylor Maritime Management and Tamar Ship Management for about USD11.75 million. Grindrod Shipping says the aggregate maximum value of the consideration for the acquisition will not exceed USD13.5 million. Says it intends to finance the transaction with a combination of cash and allotment of new Grindrod Shipping shares over the two years from completion.
Current stock price: ZAR182.35
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By Artwell Dlamini, Alliance News reporter
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Taylor Maritim (TMI)