Grindrod Shipping Surges In Pre-market On Capital Reduction Plan

(RTTNews) - Shares of Grindrod Shipping Holdings Ltd. (GRIN) are surging more than 26 percent in pre-market on Friday to $13.33, after the company said it plans to seek shareholders' approval for a selective capital reduction exercise.

In October 2022, Good Falkirk (MI) Limited, a unit of Taylor Maritime Investments Limited had made a voluntary conditional cash offer (VGO) for Grindrod. Subsequently, Grindrod had tendered about 83.23% of its shares into the VGO.

Grindrod has now proposed to reduce capital and cancel all the Shares other than those held by GF.

The participating shareholders will receive $14.25 per share, and those shares will be cancelled as part of the plan.

Grindrod shares had closed at $10.54, up 0.86 percent on Thursday. The stock has been trading in the range of $6.80 - $14.90 in the last 52 weeks.