Grindrod on acquisition trail
South African shipping group Grindrod Ltd. has bought the remaining 50 percent of CMC Grindrod from Cross Country Containers Africa, a subsidiary of A.P. Moller-Maersk company Safmarine Container Lines. Financial details were withheld.
CMC Grindrod provides container depot facilities in the South African ports of Cape Town, Port Elizabeth, Durban and Johannesburg for the storage, handling and repair of general purpose and reefer containers. The company also provides full container storage and handling for imports, exports and transshipments from its national facilities.
'The change in shareholding will not have an impact on the management of the business as we have been fully involved with the strategy and direction of the business for some time,' said Dave Rennie, Grindrod’s director.
At the same time, a subsidiary of Grindrod's, King & Sons Namibia (Pty) Ltd., announced a 49 percent acquisition in Erundu Stevedoring (Pty) Ltd., a cargo handling entity based in Walvis Bay.
'This acquisition is in line with the Grindrod Group's strategy of providing a complete supply chain for our customers, and will provide a value-added service for our agency principals while at the same time adding substantial capacity to the operations within the Port of Walvis Bay,” said Mahomed Kajee, general manager of King & Sons.
Grindrod will oversee the day-to-day management of Erundu with immediate effect under Reinhardt K'sters, recently appointed a director of the company.
Grindrod on acquisition trail
