Grindrod Shipping Holdings Ltd. Announces Update Relating to the Acquisition of Additional 33.25% Stake in IVS Bulk Joint Venture
Grindrod Shipping Holdings Ltd. - Ordinary Shares (GRIN)
Company Research
Source: GlobeNewswire
SINGAPORE, Jan. 02, 2020 (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, provided an update relating to the planned acquisition of an additional 33.25% stake in its IVS Bulk joint venture (“IVS Bulk” or “JV”). Grindrod Shipping is progressing negotiations to acquire all of the 33.25% ordinary and preference shares in IVS Bulk held by one of its two JV partners for approximately $44.2 million, thereby increasing our stake in the JV to 66.75%. In the event the transaction is implemented as anticipated, we will consolidate IVS Bulk’s financial results into our financial results going forward. Term sheets have been executed with lenders and the parties are in the process of negotiating the financing and other transaction documentation. All of the planned new finance facilities and the agreement to acquire th
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