Rohlig-Grindrod Sturrocks transaction

Friday, June 22, 2012

Röhlig-Grindrod expands and achieves a BEE level 3 score Röhlig-Grindrod, a joint venture between Grindrod Limited and Röhlig International, has announced the conclusion of an agreement to acquire from the empowered Sturrock Group, its Clearing & Forwarding division in return for a 15% equity interest in the merged business. The agreement is effective from 1 June 2012 and will result in a dilution of Röhlig-Grindrod shares for the existing shareholders to 42.5% each. The minimum BEE score achieved is a level 3 which is in line with Röhlig-Grindrod’s stated objectives. Hylton Gray, CEO Grindrod Logistic said: “We are very pleased with the merger of the businesses and the introduction of the empowerment partners. Calulo, a partner in the Sturrock Group, already have a stake in Grindrod’s South African operations and have contributed significantly by way of existing relationships and experience in niche markets. We believe our synergies can be further developed for the benefit of our customers”. Mr Jürgen Möller, Director Sturrock Shipping said that Röhlig-Grindrod is a well-established global player in the industry enjoying strong buying and negotiating power. As a direct consequence of the transaction, the business will be in a position to provide its customers with both an enhanced service offering and the most competitive rates. “The merged businesses have all developed from family owned organizations, with similar cultures, values and ethics but with a passion to drive the business forward expanding into new markets and adapting to the ever changing requirements of our customers,” said Kuben Reddi, Managing Director Röhlig-Grindrod. He added: “The Sturrock team of specialists will join the Röhlig-Grindrod team and together with our extensive international network and the ability to offer our clients an end to end service will ensure that we continue to deliver on our client’s expectations.” Ends About Grindrod Grindrod, first established in 1910, has evolved into an integrated logistics and shipping service supplier focused on the movement of dry bulk and liquid bulk commodities, containerised cargo and vehicles by road, rail and sea. Listed in South Africa, Grindrod is a global business with representation in 25 countries, employing about 5000 people throughout its four divisions – Freight Services, Shipping, Trading and Financial Services. Grindrod Freight Services focuses on terminals, intermodal solutions, rail, port operations, road transportation and all facets of traditional logistics, including international freight forwarding, contract logistics and specialized industry-solutions. Grindrod Shipping’ modern fleet of dry cargo and product and chemical tankers trade globally under the banners of Singapore-headquartered Island View Shipping and Unicorn Shipping. Grindrod’s Trading division trades worldwide in dry and liquid bulk commodities, including agricultural products, industrial raw materials, marine fuels and lubricants. Grindrod Bank was established in 1994 and has matured into a competitive merchant bank, offering tailored financial solutions to corporate and private clients. Further details on Grindrod are available at Media Contacts Grindrod: Alison Briggs Public Relations and Marketing Manager Grindrod Limited Durban, South Africa +27 (31) 302 7113 083 419 2970

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