Taylor Maritime subsidiary gets approval to take full ownership of Grindrod
Updated : 11:33
Taylor Maritime Investments (TMI) announced on Friday that its subsidiary, Grindrod Shipping Holdings, has received approval from Singapore’s High Court for its selective capital reduction.
The London-listed firm said the reduction would take effect on the filing of the court order with the Singapore Registrar, which was expected on 16 August.
Following the lodgement, all ordinary shares of Grindrod Shipping held by shareholders, totaling 3,479,225 shares, excluding those held by its subsidiary Good Falkirk MI (GF), would be cancelled.
Consequently, Grindrod Shipping would become a wholly-owned subsidiary of TMI through GF, which would increase its ownership from 82.33% to 100%.
The trading of Grindrod Shipping's shares on the Nasdaq would be suspended starting 15 August, and on the Johannesburg Stock Exchange (JSE) starting 16 August.
Taylor Maritime said the record date for the cash distribution to shareholders was set for 20 August, with the payment date expected on 21 August.
At 1133 BST, shares in Taylor Maritime Investments were up 1.4% at 81.12p.
Reporting by Josh White for Sharecast.com.