SINGAPORE, June 03, 2021 (GLOBE NEWSWIRE) – Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “it” or “we”), a global provider of shipping services primarily to the dry bulk industry, announced takeovers actions.
Pursuant to the share repurchase authorization previously approved by the Company and granted by the shareholders at the last annual general meeting of May 20, 2021, the Company acquired a combined total of 33,467 common shares on the open market of the NASDAQ and JSE during the period from May 26, 2021 to June 1, 2021. The repurchased shares were acquired at an average price per share over this period of $ 8.46, or ZAR 116.62 based on ” an assumed ZAR / USD exchange rate of 13.79, before fees. The timing and amount of any redemption is at the sole discretion of the Company and depends on legal requirements, market conditions, share price, other uses of capital and other factors. The repurchases of ordinary shares may take place within the framework of over-the-counter and / or open market transactions. The redemption power expires at the next annual general meeting, unless it is renewed, modified or revoked by the shareholders at a general meeting, and can be suspended or terminated by the Company at any time without notice.
About Grindrod Shipping Holdings Ltd.
Grindrod Shipping primarily owns and operates a diverse fleet of long and short term owned and chartered solid bulk shipping vessels. The dry bulk business, which operates under the “Island View Shipping” (“IVS”) brand, comprises a fleet of 15 dry bulk carriers and 16 supramax / ultramax dry bulk carriers. The Company also owns a medium-range tanker on bareboat charter. The company is headquartered in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on the NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Statements in this press release that are not historical facts may be forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe havens for forward-looking statements to encourage companies to provide forward-looking information about their activities. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this caveat in connection with such safe harbor legislation. The forward-looking statements contained in this press release are based on various assumptions, including, without limitation, management’s review of Grindrod Shipping of historical trends, data contained in company records and others. data available from third parties. Although the Company believes that these assumptions were reasonable when made, as these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of the Company, the Company cannot assure you that it will meet or fulfill these expectations. , beliefs or projections. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among others, those discussed in public documents filed by Grindrod Shipping with the SEC. Except as required by law, Grindrod Shipping assumes no obligation to publicly update or publish revisions of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events.
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