19AUG2019 - NEWS - Grindrod is selling its marine fuels and agriculture businesses?

The company's share price tumbles 16.10% — its biggest one-day fall since October 16 2008

JSE-listed freight and financial services company Grindrod says it has put its marine fuels and agricultural investments up for sale following a strategic review in the first half of 2019 to provide a clear direction for the company.

The company,  due to release results for the six months ended June 30 on August 23, said it was decided to sell the marine fuels and agricultural business as they are not part of the group’s “strategic focus”.

The sale follows the unbundling and separate listing on Nasdaq of Grindrod Shipping in June 2018. According to Grindrod, the move enabled shareholders to better evaluate Grindrod’s freight and financial services businesses.