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Monday, December 14, 2009
Grindrod announces appointments to the board Grindrod Limited, the JSE listed shipping and logistics group, today announced the appointment of three additional non-executive directors effective 15 December 2009. They are Mkhuseli Faku, Michael Hankinson and Sandile Zungu. In keeping with the recommendation of King III commission and international best practice, a majority of non-executive directors on the Grindrod Limited board will be achieved by these appointments. Furthermore, the majority of non-executive directors will be independent. Mr Faku currently holds directorships on various “fuel and energy” related institutional boards and is managing director of Calulo Investment Holdings. Grindrod, through its subsidiary Unicorn Shipping, has a joint venture business with Calulo, providing petrochemical coastal shipping and in port bunker deliveries. Furthermore, Calulo have a 15% share in Grindrod (South Africa) (Pty) Ltd, a subsidiary of Grindrod Limited. Mr Hankinson, previous chief executive of Dunlop, is also the non-executive chairman of Spar group and a non-executive director of Illovo Sugar. Mr Zungu has experience as director in various companies including his previous directorship with Barnard Jacobs Mellett Holdings, the listed financial services company. “We are pleased with the appointments and believe that the experience each of these individuals have in their respective fields will add significant value to the Grindrod board”, said Alan Olivier chief executive Grindrod Limited. Ends
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