We have come a long way since the announcement in August last year, when we stated our intention to list the Shipping division separately on an offshore stock exchange. We’ve done it!
On 18 June 2018, the bell rang on the Nasdaq trading floor signifying the first day of trade. The seven-storey Nasdaq Tower in Times Square, New York, lit up with the Grindrod Shipping logo, it displayed Grindrod Shipping’s majestic vessels and shared with the world the ceremony that was happening inside the building. The occasion will be noted in Grindrod’s 107-year history as among the most memorable.
Since the establishment of the two underlying businesses, namely IVS and Unicorn Shipping, many people have had their shoulders to the wheel, creating this wonderful blue-chip company. The business has grown to a significant size and the next phase of its development warrants the international listing.
It is a great achievement. It was accomplished through the dedication and hard work of many people over many years and more recently, of our employees and the professional advisors in and outside of South Africa in the fields of shipping, legal and financial who have worked for the last year on the lengthy process. My sincere thanks to you all.
We wish the Grindrod Shipping executive, management team and employees all the very best and look forward to seeing the business grow from strength to strength.
In another historic achievement, Grindrod sold its Bunker Division, Unicorn Bunker Services, to WOESA (Women in Oil and Energy South Africa) and Linsen Nambi. This transaction was specifically structured to promote transformation in the maritime industry as it facilitates the participation of black women and black youth in the maritime sector and has created the first 100% black shipowners in the country.
We wish the team at Unicorn Bunker Services, now named Linsen Nambi Bunker Services, all the very best.
For the remaining divisions within Grindrod Limited, Freight Services and Financial Services, we look forward to focused growth in these businesses.
Thank you for your continued support and commitment to our business.
Mike Hankinson, Executive Chairman