Grindrod Shipping Holdings, a global provider of maritime transportation services in the drybulk and liquid-bulk sectors, announced that it began trading on NASDAQ under the ticker symbol "GRIN."
"On 18 June 2018 at 09h30 EST in New York City, the bell rang on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square lit up with the Grindrod Shipping logo and displayed Grindrod Shipping’s majestic vessels," said a press release from the company.
The separation and listing of the Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable shareholders to better understand and evaluate Grindrod Limited’s Freight and Financial Services divisions and better evaluate the separate Shipping business, which will now be listed alongside its peers in an improving commodity cycle.
“This is a wonderful achievement for Grindrod and will be noted in Grindrod’s 108-year history as among the most memorable”, said Mike Hankinson, executive chairman, Grindrod limited.
Grindrod Shipping Holdings, based in Singapore
, listed on the Nasdaq under the ticker GRIN. As this is not a capital raise, the trade in the share is expected to be subdued initially, as all current shareholders will look to increased value in the months ahead.
All Grindrod Limited shareholders received 1 share in Grindrod Shipping Holdings for every 40 shares held in Grindrod Limited and will be able to trade these shares on the JSE from 19 June 2018 under the ticker GSH in the industrial transportation sector. The Grindrod Limited share price has adjusted accordingly.
The NAV on listing is $320 million which equates to a theoretical value of approximately $16.8 per share.
The two underlying businesses, namely Island View Shipping and Unicorn Shipping are highly regarded in the shipping industry. Their modern, fuel-efficient fleet of 49 vessels (including two new buildings under construction), both dry-bulk vessels and tankers, are manned by dedicated and loyal seafarers who complement the skilled and experienced shoreside staff which has enabled Grindrod Shipping to out-perform major shipping indices in the past.