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07 December 2021 The on-line newspaper devoted to the world of transports 19:20 GMT+1

November 16, 2021

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Maersk and Grindrod create a joint venture that will bring together the respective logistics activities in South Africa

The agreement includes feeder shipping operator Ocean Africa Container Lines

The Danish shipowning group A.P. Møller-Mærsk and the South African logistics group Grindrod have decided to establish of a joint venture into which to merge the respective activities logistics and services carried out in South Africa including those of feeder maritime transport. The agreement provides that the European company cedes to the new company, through the Safmarine subsidiary, the own terminal activities in South Africa operated by the own Dutch subsidiary APM Terminals for 360 million rand (24 millions of dollars) and the issuance by the joint venture of 36 thousand shares destined for Safmarine.

Grindrod is expected to sell to the joint ventures totaling 756 million rand ($49 million) of the group's intermodal activities as well as the feeder shipping company Ocean Africa Container Lines (OACL), of which in 2012 the South African group became unique owner acquiring 51% of the capital then in the hands of Safmarine ( of 27 August 2012), as well as the issue by the joint venture of 76 thousand ordinary shares destined for Grindrod. From transfer is excluded the multipurpose terminal Maydon Wharf of the Port of Durban as well as the United Container Depots (UCD).

Finally, the agreement provides for Grindrod to transfer the 76 thousand ordinary shares of the joint venture at Grindrod Holdings and that the latter cedes 21 thousand to Safmarine for 209 million rand plus an additional cash share. At the end of the transaction, therefore, the Maersk group will hold 51% of the share capital of the new company and Grindrod on remaining 49%.

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