South African private freight and logistics group, Grindrod Limited, said on Tuesday that the proposed international listing of its shipping business had been delayed because of differences in legislation in the countries where it plans to list.
“Due to the cross jurisdictional nature of the proposed international listing, the various processes required with the different regulators in the relevant jurisdictions are taking longer than initially expected. Work is continuing and based on current timing estimates the Grindrod board aims to make its final determination on the proposed international listing in the early part of 2018,” Grindrod said in a statement.
“Assuming the required regulatory approvals are successfully obtained, Grindrod will seek the listing of the shipping business before the end of the first half of 2018.”
Last year, Grindrod indicated that it would start investigating the separate listing of the shipping business on a recognised international stock exchange including the local and international required regulatory requirements to achieve such a listing.
The board had intended at the time to make a final determination regarding the proposed international listing before the end of the year.
– African News Agency (ANA)