GRINDROD LIMITED - Voluntary announcement on Marine Fuel Trading Business exit

Voluntary announcement on Marine Fuel Trading Business exit

GRINDROD LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1966/009846/06)
Ordinary share code: GND and ISIN: ZAE000072328
Preference share code: GNDP and ISIN: ZAE000071106
("Grindrod")


VOLUNTARY ANNOUNCEMENT ON MARINE FUEL TRADING BUSINESS EXIT


Shareholders are advised that Grindrod has commenced exiting its 50% investment in the marine fuel trading
business Cockett Group Holding Limited ("CGH"), CMOG Fuel DMCC ("CMOG") and Cockett Marine South
Africa Proprietary Limited ("CMSA"), collectively Cockett. Grindrod, through its wholly owned subsidiaries, and
Vitol B.V., the other 50% shareholder of Cockett, have agreed to proceed with a solvent winddown of Cockett
(the "Transaction"). This followed the execution of a framework agreement entered into between the Cockett
shareholders, which became fully effective on the 8th of May 2025.

In terms of the framework agreement Grindrod received US$22 million on the 8th of May 2025, being 61% of
the carrying value of the investment as of 31 December 2024. Cockett was the only material asset remaining
in Grindrod's non-core asset portfolio.

Cockett will continue to fulfil all its existing contractual obligations to both suppliers and customers in a timely
manner. For further details, please see the joint public statement published today by Grindrod and Vitol,
available on Grindrod's website at https://www.grindrod.com/investor-proposition/shareholder-
documents#circulars-and-notices


13 May 2025

Legal Adviser to Grindrod
Edward Nathan Sonnenbergs Incorporated

Sponsor to Grindrod
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 13-05-2025 01:30:00
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