Grindrod Shipping Holdings Ltd. Announces Share Repurchases
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) announced the repurchase of 33,467 ordinary shares from May 26 to June 1, 2021. The shares were acquired at an average price of $8.46 each. This buyback aligns with the authority granted by shareholders during the Annual General Meeting on May 20, 2021. The repurchases will depend on market conditions and legal requirements, and the buyback authority will expire at the next AGM unless renewed. The company operates a diversified fleet in the drybulk sector, enhancing confidence in shareholder value.
- Repurchase of 33,467 shares demonstrates commitment to enhancing shareholder value.
- Shares were bought at an average price of $8.46, potentially signaling confidence in company's stock.
- The share repurchase program is subject to market conditions, which may limit effectiveness.
SINGAPORE, June 03, 2021 (GLOBE NEWSWIRE) -- Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH) (“Grindrod Shipping” or “Company” or “it” or “we”), a global provider of maritime transportation services predominantly in the drybulk sector, announced share repurchases.
Pursuant to the Company's previously approved share repurchase authority granted by shareholders at the last Annual General Meeting on May 20, 2021, the Company has acquired a combined total of 33,467 ordinary shares in the open market on NASDAQ and the JSE over the period from May 26, 2021 to June 1, 2021. The repurchased shares were acquired at an average price per share over such period of
About Grindrod Shipping Holdings Ltd.
Grindrod Shipping predominantly owns and operates a diversified fleet of owned and long-term and short-term chartered-in drybulk vessels. The drybulk business, which operates under the brand “Island View Shipping” (“IVS”) includes a fleet of 15 handysize drybulk carriers and 16 supramax/ultramax drybulk carriers. The Company also owns one medium range product tanker on bareboat charter. The Company is based in Singapore, with offices in London, Durban, Tokyo, Cape Town and Rotterdam. Grindrod Shipping is listed on NASDAQ under the ticker “GRIN” and on the JSE under the ticker “GSH”.
Forward-Looking Statements
The statements in this press release that are not historical facts may be forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The forward-looking statements in this press release are based upon various assumptions, including, without limitation, Grindrod Shipping management's examination of historical trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among others, those discussed in Grindrod Shipping's public filings with the SEC. Except as required by law, Grindrod Shipping undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Company Contact: Martyn Wade / Stephen Griffiths CEO / CFO Grindrod Shipping Holdings Ltd. 200 Cantonment Road, #03-01 Southpoint Singapore, 089763 Email: ir@grindrodshipping.com Website: www.grinshipping.com | Investor Relations / Media Contact: Nicolas Bornozis / Daniela Guerrero Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212) 661-7526 Email: grindrod@capitallink.com |
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