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GNDE - Grindrod Limited - Grindrods acquisition of Cross

28/03/2006 15:38:03

GND
GND
Grindrod Limited - Grindrod"s acquisition of Cross Country Containers
Grindrod Limited
Share Code: GND
ISIN: ZAE000072328
27.03.2006
PRESS ANNOUNCEMENT
GRINDROD"S ACQUISITION OF CROSS COUNTRY CONTAINERS
Grindrod today announced the acquisition of 100% of Cross Country Containers
(Pty) Ltd ("CCC") further cementing its foothold in the movement of containers
in Southern Africa. CCC manages and controls the movement of containers by road
and rail in Southern Africa.
Grindrod director, Laurence Stuart-Hill noted "this furthers Grindrod"s strategy
of expanding the group"s business base into landbased operations. We continue
to seek good investment opportunities that link the services required to move
cargo from A to Z, providing our customer base with a one-stop solution in the
movement of freight". He added, "the acquisition of Cross Country Containers
adds a further dimension to Grindrod"s aim of providing an integrated service
for the movement of freight by containers". Grindrod owns in partnership with
Safmarine, the Southern Africa regional container line, Ocean Africa Container
Lines, and CMC Grindrod, a container depot operation.
The managing director of CCC, Richard Foulds, added "the management and staff of
Cross Country Containers are very excited about the development with Grindrod
and look forward to extracting the extensive synergies presented by being part
of the Grindrod group".
The transaction is subject to Competition Commission approval and no price has
been disclosed.
Contact Details
I A J Clark L R Stuart-Hill
CEO - Grindrod Limited Director - Grindrod Limited
082-891 3587 083-300 0820
031-304 1451 031-304 1451
Mr C Collings
Chief Financial Officer - Safmarine (Pty) Ltd
021-4086000
083-7996196
Date: 28/03/2006 03:38:08 PM Produced by the JSE SENS Department


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