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Grindrod acquires the remaining shares in Ocean Africa Container Lines (OACL)

27 August 2012

Grindrod Holdings (South Africa) (Pty) Limited has acquired Safmarine’s 51% share of Ocean Africa Container Lines (Pty) Limited for an undisclosed amount. The transaction has been approved by the Competition Tribunal of South Africa and the South African Reserve Bank. OACL is now a wholly owned subsidiary of Grindrod Limited.

OACL is a shipping line that operates in Southern Africa, between Durban and Luanda, calling all major ports in South Africa, Namibia and Angola. OACL provides a feeder service to all international mainline carriers, ships domestic and regional cargo, providing customers with a complete freight logistics service including warehousing, distribution and inland transportation. The business currently deploys four container vessels, each with a capacity of between 800 and 1200 TEU.

Mr. Mahmood Simjee, previously the Chief Operating Officer, has been appointed Chief Executive Officer; he has been an integral part of this business and has worked for the Grindrod Group for 32 years.  He said that the business had benefited considerably from its close association with Safmarine and its sister company Maersk Line through the partnership and that OACL is committed to serving them going forward; OACL would continue to provide a reliable and efficient service to all its customers and will look to expand its footprint should opportunities arise.

Capt. Dave Rennie, Chief Executive Officer of Grindrod Freight Services said that the acquisition is in line with Grindrod’s strategy of providing an integrated service offering for the movement of containerized, dry-bulk, liquid-bulk and wheeled cargoes.

Ends.

For further information, please contact Alison Briggs:

Email: alisonb@grindrod.co.za

Tel: +27 31 302 7113

Mobile: +27 83 419 2970

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