Grindrod Shipping could be the next company to leave the Johannesburg Stock Exchange, if media reports are anything to go by.
The company is said to have attracted the interest of Taylor Marine Investments who are looking to buy Grindrod Shipping’s shares.
Fin24 reports that the Guernsey-based shipping company has tabled a bid for Grindrod, the proposed bid is reportedly an enticing one.
“This week, TMI made a cash offer to Grindrod Shipping shareholders. TMI is proposing $26 (R436) per share for the Singapore-based company, which owns a core fleet of 31 ships and more than 30 drybulk carriers,” reports the website.
“Grindrod Shipping was founded in 1910 in Durban, by Captain John Grindrod, as a clearing and forwarding agency.”
BusinessTech Africa has learnt that Grinddrod Shipping will become the second company to announce its possible delisting from the JSE this week.
This announcement follows Massmart’s parent company Walmart, saying it will make an offer to buy out the 49% stake it doesn’t already own in the local retailer.
The United States-based company plans to then delist Massmart as part of its restructuring strategy.
“The JSE has seen a number of South African companies exit the exchange for various reasons, including acquisitions by foreign companies,” said the website.
“In 2021, 25 companies delisted from the JSE, with at least 20 companies exiting since 2019.”
Earlier this year, the PSG Group announced its plan to leave the JSE while the possible acquisition of Mediclinic by a Remgro-led consortium, will result in the hospital group’s JSE exit, once approved.
Furthermore, alcohol maker Distell will also leave the bourse after its takeover by Heineken, and the sale is expected before the end of the current year.
Main Image: Taylor Marine Investments Ship/Twitter
https://twitter.com/PortalPortuario
