Grindrod Shipping Holdings Ltd. takes stock of share buybacks

SINGAPORE, December 09, 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, has announced an update day of its share buybacks.

Pursuant to the share repurchase authorization previously approved by the Company and in accordance with the Company’s announced return on capital policy, the Company acquired a combined total of 591,673 common shares on the open market of NASDAQ and the JSE for the period from November 19, 2021 to December 8. , 2021. The repurchased shares were acquired at an average price per share of $ 14.38, or ZAR 226.10 based on the Bloomberg ZAR / USD exchange rate on December 8, 2021 of 15.73, before fees, for total consideration of $ 8.5 million. The repurchased shares represent 3.1% of the shares outstanding before the repurchases.

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 solid and short-term charter and charter vessels. The dry bulk transportation business, which operates under the brand name “Island View Shipping” (“IVS”), comprises a core fleet of 15 conveniently sized dry bulk carriers and 16 supramax / ultramax dry bulk carriers. The Company also owns a medium-range tanker for bareboat rental. 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”.

Forward-looking statements

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 as part of 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 other data available from third parties. Although the Company believes that these assumptions were reasonable when formulated, 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 can not 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.

Company details :
Martyn Wade / Stephen Griffiths
Grindrod Shipping Holdings Ltd.
200 Cantonment Road, # 03-01 Southpoint
Singapore, 089763
E-mail: [email protected]

Investor Relations / Media Contact:
Nicolas Bornozis / Paul Lampoutis
Capital Link, Inc.
230, avenue du Parc, office 1536
New York, New York 10169
Phone. : (212) 661-7566
Fax: (212) 661-7526
E-mail: [email protected]

Source link

About Mitchel McMillan

Check Also

War in Ukraine prompts De Beers to step up diamond tracking efforts

Diamonds are displayed at De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana November 24, …