Grindrond plans a R1.6bn BEE equity transaction

JSE listed logistics giant Grinrod is praparing to roll out a R1.6 billion black economic empowerment (BEE) deal.

Grinrod made known its intentions on Friday as part of a broader announcement that will see the group raise bout R4 billion for expansion and for rearrangement of its existing BEE formations.

Grinrod is to raise about R3 billion through a rights issue and will use this money for expanding its operations. “Following the Bookbuild Placement, it is the intention of the Board to issue Grindrod shares to the (BEE) Consortium in order to raise up to R1.6 billion, by way of a specific issue of shares for cash.”

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