Grindrod Limited (Grindrod), the JSE listed freight logistics company announced today that its subsidiary, Grindrod Trading Holdings (Pty) Ltd has acquired a 20% share in Senwes Limited (Senwes) for R444 million at a price of R12.29 per share.
Senwes, established in 1909 is one of the leading agribusiness companies in South Africa with retail and grain operations throughout the central region of South Africa as well as grain trading offices in Malawi, Zambia and Mozambique. The company’s main business is the provision of input products for agricultural production, market access for grain produce, as well as financial, technical, insurance and logistical services to grain producers.
Grindrod, through its four divisions of Freight, Trading, Shipping and Financial Services specializes in the trading, handling and transportation of bulk commodities - which includes agricultural products - by road, rail and sea.
Wayne Hartmann, CEO Grindrod Trading said: “Grindrod continues to execute its strategy to provide a complete service offering that includes origination, processing, hedging, distribution, supply chain management, risk management and financing activities for its customers in the agri-processing industry –a complete value chain solution”.
“We are extremely fortunate to have been able to procure Grindrod as a strategic shareholder and we foresee that given both parties’ strategies, major opportunities within each of our sectors could be pursued” added Mr. Francois Strydom, Managing Director of Senwes.
Grindrod will nominate one director to the board of Senwes and through its participation it is foreseen that various future synergies between the two parties may be unlocked.
For further comment please contact:
Grindrod contact details
Chief Executive Officer of Grindrod Trading, Wayne Hartmann
Telephone number: + 27 31 302 1761
Mobile number: + 27 (0)83 642 0384
Email: [email protected]
Grindrod Group Financial Director, Andrew Waller
Telephone number: +27 31 365 9121
Mobile number: +27 (0)82 573 3680