JSE-listed Grindrod Limited, the integrated logistics and shipping business, has finalised the transaction to purchase a 75.5% interest in the Botswana-based fuel logistics company, Petrologistics.
The interest, currently held by Imperial Holdings, Transport Holdings, Botswana citizens, and the Citizen Empowerment Development Agency Venture Capital Fund (CEDAVCF), will be acquired for an undisclosed amount and the agreement effective from January 1, 2012. Grindrod’s 100% owned subsidiary Fuelogic (Pty) Ltd owns 24.5%. The current MD, Todd Mangadi, will purchase a 5% share in Petrologistics from Grindrod.
Grindrod first entered the petrochemical industry in 2008 with the acquisition of WM TransLogistics and in 2010 concluded the acquisition of Fuelogic, a bulk liquid transporter operating in Southern Africa.
