24/05/2001 00:00:00

Grincor, which will be renamed Grindrod Limited at the annual general
meeting on 31 May 2001, announced today the acquisition of 75% of Rohlig
Perishable Cargo Agents (Pty) Limited ("PCA").
PCA is the largest dedicated airfreght forwarding agent for perishable
products in South Africa. The business is fucussed on exporting perishable
products (fruit, flowers, meat, etc.) by air to mainly European markets.
Ivan Clark announcing the transaction in Durban said: "This acquisition
follows our strategy of expanding into the freight logistics arena,
particularly the forwarding industry. When one adds Rohlig-Grindrod
airfreght volumes to PCA volumes, Grincor through its subsidiaries will be
one of the top three IATA agents".
Clark added that, "The reallocation of the group's equity from, capital
intensive ships to less capital intensive logisticals business, wil improve
the group's gearing ratios and reduce the cyclical nature of earnings. A
more balanced investment in well employed and modern ships will however be
maintained as the main pillar of the group's business".
The seller of PCA, ROHLIG & CO. (ROHLIG), the Bremen-based international
freight forwarder, is focusing its activities on intercontinental sea-and
airfreight. Mr Thomas Herwig of ROHLIG said; "PCA, a profitable and healthy
organisation, was focussed only on South African perishable products and did
not benefir ROHLIG's network. It ws therfore sold and we believe it is the
interest of PCA staff and customers that it is taken over by our South
African Partners Grindrod".
Rohlig-Grinrod, ROHLIG's 42.5% joint venture with Grincor is unaffected by
the sale of the independently operated PCA.
Mr Peter Krafft, the Managing Director and shareholder of both Rohlig-
Grindrod and PCA retains his 25% shareholding in PCA. Mr Krafft announced
today from the cmpany's premises at Johannesburg International Airport that,
it was business as usual for PCA. Further PCA would operate as before and
that no changes, operational or otherwise were envisaged.
Mr Krafft added that the Rohlig-Grindrod joint venture was working well and
saw the good realtiolnship with Grincor enhancing PCA's commitment to
providing high quality services to the industry".
The transaction is effective 1 January 2001 and the price was not disclosed.
Issued by: Simeka TWS Communications
Contact: Lesley van Duffelen
(031) 203 9800
083 787 4533
On behalf of: Grincor
Contact: Ivan Clark, Managing Director
Phone: (031) 304 1451
Fax: (031) 305 2848
Cell: 082 891 3587
On behlaf of: ROHLIG & CO
Contact: Thomas Herwig, Managing Director
Phone: 0949 421 303 1201
Fax: 0949 421 303 1285
On behalf of Rohlig Perishable Cargo Agents
Contact: Peter Krafft, Managing Director
Phone: (011) 645 7000
Fax: (011) 645 7276
Cell: 083 264 2858
Date: 24/05/2001 02:07:11 PM Produced by the SENS Department

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