Grindrod Shipping announces proposed selective capital reduction

The board of directors of Grindrod Shipping Holdings announced that it proposes to seek the approval of the shareholders of the company at an extraordinary general meeting of the company to be convened, for a selective capital reduction exercise to be undertaken by the company. The company proposes to implement the Selective Capital Reduction and cancel all the shares held by the shareholders, other than the shares held by GF, comprising 3.48M shares. The participating shareholders will receive $14.25 for each participating share held that is cancelled as a result of the selective capital reduction.