Grindrod Shipping Holdings Ltd. Announces Extension of IVS Bulk Joint Venture, Implementation of a Financing Arrangement and Fleet Update
Grindrod Shipping Holdings Ltd. - Ordinary Shares (GRIN)
Company Research
Source: GlobeNewswire
SINGAPORE, Sept. 27, 2019 (GLOBE NEWSWIRE) -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or "Company" or “it” or “we”), a global provider of maritime transportation services in the drybulk and product tanker sectors, announced a number of transactions relating to the extension of its IVS Bulk joint venture, implementation of a financing arrangement and a fleet update. Grindrod Shipping has extended the termination date of its IVS Bulk joint venture from September 30, 2019 to November 30, 2019. We continue to progress the transaction agreed in principle with the joint venture partners whereby the Company would acquire an additional 33.25% stake from one of the partners with the other partner retaining its 33.25% stake, as well as the negotiations with lenders to refinance all of the existing debt of IVS Bulk and provide us sufficient capital to acquire the additional 33.25% stake. We can provide no assurance that we will complete the acquisition u
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