Grindrod Shipping has extended the termination date of its IVS Bulk joint venture to the end of December, saying on Monday it cannot give any assurance the acquisition would be completed.
Grindrod is seeking to acquire an additional 33.25% stake in the venture, and is negotiating with lenders to refinance the debt of IVS Bulk, which would allow it to acquire the stake. Should the transaction proceed, Grindrod’s share in the venture would increase to 66.75%.
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