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Grindrod Shipping could soon join the growing list of South African companies leaving the JSE, should an acquisition bid by Guernsey-based shipping company Taylor Maritime Investments (TMI) succeed.
This week, TMI made a cash offer to Grindrod Shipping shareholders. TMI is proposing $26 (R436) per share for the Singapore-based company, which owns a core fleet of 31 ships and more than 30 drybulk carriers.
Grindrod Shipping was founded in 1910 in Durban, by Captain John Grindrod, as a clearing and forwarding agency.
It is the second company to announce its possible delisting from the JSE this week.
On Monday, Massmart's parent company Walmart, said it will make an offer to buy out the 49% stake it doesn't already own in the local retailer. The US company plans to then delist Massmart as part of its restructuring strategy.
READ | Grindrod eyes other avenues after mineral commodities boost half-year results
The JSE has seen a number of South African companies exit the exchange for various reasons, including acquisitions by foreign companies.
In 2021, 25 companies delisted from the JSE, with at least 20 companies exiting since 2019.
Earlier this year, the PSG Group announced its plan to delist while the possible acquisition of Mediclinic by a Remgro-led consortium, will result in the hospital group's JSE exit, once approved. Distell will also leave the bourse after its takeover by Heineken, expected before the end of the year.
