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Grindrod Bank - BEE deal concluded

Wednesday, July 25, 2007

Grindrod, the listed shipping and logistics business, today announced the sale of 18% of its subsidiary, Grindrod Bank, to three independent BEE entities. This follows an announcement at the end of last year that all regulatory requirements had been met for Grindrod to acquire the bank formerly known as Marriott Corporate Property Bank. A deal which was first initiated in 2005. Alan Olivier, Grindrod Limited CEO said that the vision of Grindrod Bank was to become a meaningfully empowered bank and that these black empowerment deals were the first steps in this process. The black empowerment participants include Mawavune Women’s Investments, whose shareholders comprise of 10 professional black women.They will be represented on the Grindrod Bank board by Thina Siwendu, an attorney with property expertise, extensive involvement in public private partnership initiatives and corporate governance. The second BEE entity is a partnership between Dr Sivi Gounden and Hassen Adams, current Grindrod Limited directors with the third entity being a BEE trust. Dr Gounden will also be appointed to the Grindrod Bank board. The BEE shareholders are based in all major centers where the bank has offices, being Durban, Johannesburg and Cape Town. In addition to the above sale, a further 6,9% of Grindrod Bank has been sold to a management group led by Grindrod Bank Chairman, Ivan Clark, and Managing Director David Polkinghorne. Ivan Clark, also deputy chairman of Grindrod Limited said; “it is exciting to be involved in a business with enormous potential and, in the staff and their relationships with clients I see the same potential for significant growth that the Grindrod Group has shown over the past eight years.” David Polkinghorne added: “This transaction brings to a conclusion a deal which has been worked on for some time and the bank is looking forward to working with its new shareholders. Their ability to add value to our traditional business is enormous and there are also a number of new initiatives where the networks of our shareholders will play a key role.”

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