Grindrod Shipping rises on capital reduction proposal

Grindrod Shipping Holdings

05/04/2024 10:55

** Shares of Grindrod Shipping Holdings  GRIN.O  jump ~26%
premarket to $13.30
    ** GRIN proposes to seek approval of shareholders for a
selective capital reduction
    ** Company offering $14.25/shr to participating shareholders
to cancel 3.5 mln of its issued shares as part of the plan
    ** Offering price represents ~35% premium to GRIN's
Thursday's close of $10.54, according to Reuters calculations
    ** Co says plan will involve reducing the issued share
capital to $240.6 mln from $290.2 mln, representing a 17.67%
reduction in the total number of issued shares
    ** GRIN up ~17% YTD

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))