Grindrod Asset Management this week announced plans for a deal that would culminate in Infinitus Holdings gaining a 76 percent stake in Grindrod.
According to the press Infinitus is focused on high-growth businesses in the consumer, industrial and financial services sector.
Through its subsidiary GFS Holdings, Grindrod will exchange its entire Grindrod Asset Management for Infinitus shares.
GFS managing director, David Polkinghorne, said, “Grindrod is changing the way it holds its interest. This is an important step to free up the business to develop its own identity as Bridge Fund Managers pursue sensible growth opportunities while retaining its loyal client base. Grindrod will continue to support the business in every way.”
Also making headlines this week is the news that Transnet has initiated an investigation into complaints regarding the management of the training programme at its Marine School of Excellence.
According to a statement by Transnet executive head, Siyabonga Gama, the complaints are focused mainly on the issues of access to practical training and the duration of the programme.
Transnet has made a R7.7 billion investment in training over the next decade and with hopes to expand the maritime training academy.