Grindrod Shipping granted Court approval for selective capital reduction

Grindrod Shipping announced that the High Court of the Republic of Singapore has approved the proposed selective capital reduction of the company by which the Company will reduce the issued share capital of the company from $290,193,001, comprising 19,685,590 ordinary shares of the company, to $240,614,044 comprising 16,206,365 Shares. The Selective Capital Reduction will be effected by: cancelling the amount of $49,578,956, constituting part of the total paid-up share capital of the company held by all the shareholders of the company, such Participating Shareholders holding 3,479,225 Shares; and cancelling the 3,479,225 Shares constituting the part of the total issued share capital of the company held by the Participating Shareholders. The aggregate sum of $49,578,956 arising from such reduction of the company’s share capital will be returned to the Participating Shareholders in cash, on the basis of $14.25 per Share held by each Participating Shareholder.