Grindrod buys remaining share of CMC

ALAN PEAT
THE SHIPPING and logistics group Grindrod was busy last week spending some of the billions it has put aside for business expansion, although the actual prices paid for the two acquisitions was not revealed. One was the purchase of the remaining 50% shareholding in CMC Grindrod from Safmarine. This puts this national network of container depot facilities (in Cape Town, Port Elizabeth, Durban and Johannesburg) fully in the hands of Grindrod, although director Dave Rennie told FTW that the change in shareholding would not have an impact on the management of the business. “It’s business as usual,” he said. Rennie also said that this acquisition went hand in hand with the acquisition last year of Cross Country Containers – specialising in providing inland transport of full and empty containers by rail or road. In another share deal, the group has acquired a further interest in Namibia. In this case, King & Sons Namibia – a member of the Grindrod group – acquired a 49% shareholding in the Walvis Bay cargo handling company, Erundu Stevedoring. Again, Mahomed Kajee, GM of King & Sons, stressed that the acquisition fitted in with the Grindrod strategy of providing a complete supply chain.