Grindrod Shipping has acquired the remaining 31.14% equity stake in its IVS Bulk joint venture, giving it full control of the 12-strong "eco" bulker fleet.
The Singapore-based shipowner is acquiring the remaining shares from Bain Capital Credit for $46.3m, comprising of $37.2m for the ordinary equity shares and $9.1m.
Grindrod Shipping said the total purchase consideration is subject to interest at Libor + 3% until closing, while changes in the financial position or operating results of IVS Bulk after 30 April 2021 will accrue to Grindrod Shipping.
