Grindrod Shipping announces delisting of shares from Nasdaq

Grindrod Shipping announced its intention to voluntarily delist its ordinary shares from Nasdaq, in connection with its proposed selective capital reduction pursuant to Section 78G of the Companies Act of 1967 of Singapore. The company refers to the circular issued to shareholders of the company and its previous press release issued on July 19. Capitalized terms not otherwise defined in this announcement shall have the meanings ascribed to them in the circular. The selective capital reduction will take effect upon the lodgment of the court order on August 16, at which time all ordinary issued shares held by shareholders of the company, except for those held by Good Falkirk, will be cancelled. In accordance with the rules of the Securities and Exchange Commission and Nasdaq, the company has provided written notice to Nasdaq of its intent to delist the shares. Pursuant to the selective capital reduction, each participating shareholder will receive $14.25 per participating share.