Grindrod Shipping Holdings Ltd - Singapore-based shipping firm 83% owned by Taylor Maritime Investments Ltd - Says it will exit Nasdaq on August 15 and delist from the Johannesburg Stock Exchange the following day. Also expects the selective capital reduction to take effect on August 16.

This comes after the High Court of Singapore on Tuesday approved the proposed selective capital reduction. This share buyback would reduce the issued share capital to $240.6 million, comprising 16.2 million shares from $290.2 million, amounting to 19.7 million shares. Grindrod in April offered to buy back shares other than those held by Taylor Maritime and Good Falkirk Ltd, a subsidiary of its parent. Grindrod plans to buy about 3.5 million shares at $14.25 each from Good Falkirk shareholders and cancel these.

Current stock price: R 249.00, down 0.3% on Friday afternoon

12-month change: up 90%

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