Grindrod takes a stake in Maputo
Feb 9, 2005
Durban-based Grindrod Limited announced yesterday (Tuesday) that it has acquired a controlling share in Maputo’s Matola Coal Terminal as well as the Walvis Bay Coal Terminal.
This latest acquisition resulted from Grindrod having purchased a 72% share of Namibian-based African Portland Industries, the owner of the Matola and Walvis Bay terminals in a deal worth R29.3 million.
“The Matola terminal has enormous potential considering the region it serves. We intend expanding Grindrod’s presence in the port of Maputo where we will be able to service our wide customer base and provide synergies for our shipping lines, particularly in the bulk sector,” said Lawrence Stuart-Hill, a Grindrod director.
Athol Emerton, API’s managing director said he was pleased to have Grindrod as the new majority shareholder.
“We are extremely happy to have the majority shareholder in the form of Grindrod which has varying freight interests and specific expertise in the maritime arena. We see synergies and further opportunities being developed between Grindrod and ourselves into the future.”
Last year Ivan Clark, Grindrod’s chief executive announced Grindrod’s intention of investing up to R1Bn in landside businesses to balance Grindrod’s book of shipping interests.
Earlier this week Grindrod also announced that it had taken over the extensive warehousing and container depot properties formerly owned by Uniroute Logistics. A report on this acquisition will appear in this column later.
During 2004 the Matola coal terminal handled close to one million tonnes of export coal.
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