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Announces Disclosure Updates
Grindrod Shipping Holdings Ltd.
Abbreviated Name: GRINSHIP
Registered in Singapore with registration number 201731497H
JSE Share code: GSH
ISIN: SG9999019087
Primary listing on NASDAQ Global Select Market
Secondary listing on the JSE Main Board
Grindrod Shipping Holdings Ltd. Announces Disclosure Updates
On 27 January 2023, Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod
Shipping” or “Company” or “we” or “us” or “our”), a global provider of maritime transportation
services predominantly in the drybulk sector, provided the following updates.
As previously announced, Taylor Maritime Investments Limited (LON: TMI) (“TMI”), through a
wholly-owned subsidiary, acquired approximately 83.23% of the outstanding ordinary shares of
Grindrod Shipping. TMI publishes from time to time annual and quarterly financial information as well
as other important information concerning its business on the London Stock Exchange website, TMI’s
website https://taylormaritimeinvestments.com, and elsewhere. Such information may include financial
and other information concerning Grindrod Shipping. For example, today, TMI published a Quarterly
NAV, Investor Presentation, Factsheet and Trading Update on the London Stock Exchange or its
website which included information regarding Grindrod Shipping. As such information is published by
TMI, it is not included as part of, or incorporated by reference into Grindrod Shipping’s public filings
or releases.
In addition, following the closing of the tender offer, TMI and Grindrod have been making good
progress in jointly evaluating next steps to capitalise on available synergies from the combined fleet
across insurance, commercial management, technical management and corporate activities. TMI has
committed to de-lever its balance sheet on a standalone and look-through basis including Grindrod
Shipping’s assets following the close of the tender offer. TMI intends to do so through a combination
of vessel sales and operating cash flow generation, which can occur at TMI and/or the Company. This
commitment is consistent with our strategy to ensure balance sheet flexibility and liquidity while we
continue to selectively evaluate growth opportunities.
In conjunction with the aforementioned policies, on December 22, 2022, we entered into a contract to
sell the 2015-built ultramax bulk carrier, IVS Hirono, with delivery to her new owners planned on or
about March 31, 2023.
About Grindrod Shipping
The Company owns and operates a diversified fleet of owned, long-term and short-term chartered-in
drybulk vessels in the handysize and supramax/ultramax segments. The drybulk business, which
operates under the brand “Island View Shipping” (“IVS”) includes a core fleet of 32 vessels consisting
of 15 handysize drybulk carriers and 17 supramax/ultramax drybulk carriers. The Company is based in
Singapore, with offices in London, Durban, Tokyo and Rotterdam. The Company is listed on NASDAQ
under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Company Contact: Investor Relations / Media Contact:
Stephen Griffiths Nicolas Bornozis / Paul Lampoutis
Interim CEO / CFO Capital Link, Inc.
Grindrod Shipping Holdings Ltd. 230 Park Avenue, Suite 1536
200 Cantonment Road, #03-01 Southpoint New York, N.Y. 10169
Singapore, 089763 Tel.: (212) 661-7566
Email: ir@grindrodshipping.com Fax: (212) 661-7526
Website: www.grinshipping.com Email: grindrod@capitallink.com
By Order of the Board
27 January 2023
Sponsor: Grindrod Bank Limited
Date: 27-01-2023 10:01:00
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