Table of Contents
Key Points
- Grindrod Mauritius will acquire the remaining 35% of Terminal de Carvão da Matola Limitada for $79.6 million, strengthening its presence in the Port of Maputo.
- The deal, subject to regulatory approvals, includes a new nine-year throughput agreement with Vitol Coal South Africa, replacing the current contract.
- Founded in 1910, Grindrod is a global logistics, shipping, and financial services firm operating in 21 countries.
Grindrod Mauritius, a subsidiary of the South African logistics and shipping conglomerate linked to billionaire Johann Rupert, is poised to acquire the remaining 35-percent stake in Terminal de Carvão da Matola Limitada (TCM) at the Port of Maputo. This acquisition, valued at $79.6 million (R1.4 billion), is set to solidify Grindrod's foothold in this pivotal logistics hub.
Announced on Wednesday, the deal is slated for completion within the next 12 months, contingent upon regulatory approvals, including clearance from competition authorities and tax approvals from the Mozambican government. The acquisition also includes a new nine-year throughput agreement with Vitol Coal South Africa, which will replace the current contract. This agreement entails an initial allocation of 2.25 million tonnes per year.
TCM terminal and strategic importance
TCM operates a dry bulk terminal in the Port of Maputo, with an annual capacity exceeding 7 million tonnes, mainly handling magnetite and coal. The facility plays a critical role in Grindrod’s logistics network, linking rail and road freight with global shipping routes. The terminal's sub-concession is held under the Maputo Port Development Company’s broader port lease.
Grindrod views TCM as a critical strategic asset, aligning with its long-term vision of providing integrated logistics services along the Maputo corridor. The company stated, “This acquisition enables us to offer cost-effective and efficient logistics solutions for cargo, unlocking value for our customers throughout the region.”
Grindrod’s evolution
Founded in 1910, Grindrod Limited has grown into a global player in logistics, shipping, and financial services. With operations in 21 countries, Grindrod is listed on the Johannesburg Stock Exchange and has a diversified portfolio of subsidiaries, joint ventures, and affiliates. Over the years, the company has leveraged its resilience and vision to expand from modest origins into an international giant.
Johann Rupert, whose fortune stands at $12.9 billion, has been instrumental in Grindrod’s rise. Rupert also holds a controlling interest in Compagnie Financière Richemont, the Swiss luxury conglomerate behind brands like Cartier and Jaeger-LeCoultre. His broader portfolio includes Remgro, a Stellenbosch-based investment firm with stakes in more than 30 companies, reflecting his wide-reaching influence in South Africa's corporate landscape.
In recent times, Grindrod has reengaged discussions to divest its banking arm, Grindrod Bank, with African Bank offering R1.5 billion ($97 million) for the acquisition. This reflects the intensifying competition in South Africa’s business banking sector. Concurrently, Remgro has announced plans to sell its 25-percent stake in Grindrod, as part of its strategy to streamline its investment holdings.
