Stellenbosch-based investment group Remgro has announced the unbundling of its shareholding in JSE-listed freight and logistics group Grindrod, as part of the realignment of its investment portfolio.
The Johann Rupert-owned investment firm will distribute its entire shareholding of 25% in Grindrod, by way of distribution in specie to Remgro shareholders as an unbundling transaction.
Remgro shareholders will receive 30.70841 unbundled Grindrod shares for every 100 Remgro shares held.
Remgro stated that the unbundling decision was underpinned owing to a "firm belief in the encouraging trajectory of Grindrod’s business and the strong management team to deliver and fulfil Grindrod’s stated purpose and strategy”.
Grindrod said in a separate statement that it would continue to drive its strategy of delivering efficient and cost-effective logistics solutions and that it would continue to invest in the required infrastructure to do so.
The Grindrod Family, through Grindrod Investments Proprietary Limited, remains as an anchor shareholder of the group.