Grindrod buys NWK stakeJSE-listed freight and logistics giant Grindrod has acquired a 20 percent stake in NWK an operating company that trades in agricultural and agri-related products, resources and services for an undisclosed amount.
Grindrod said it plans to leverage its infrastructure along import/export corridors throughout sub-Saharan Africa to expand NWK's reach.
NWK has business interests in Botswana, Zambia and the Netherlands.
"New partnerships are always an exciting prospect as they are the key to new opportunities and growth. With that in mind, NWK welcomes Grindrod as an investor and we look forward to the many future opportunities that can be utilised in Southern Africa as a result," said Danie Marais, Managing Director of NWK Limited. "With expertise, services and products covering the agricultural value chain, NWK is committed to being innovative in our plans and pragmatic in our solutions in order to help clients grow sustainable businesses and investors achieve significant returns.
"Ultimately, our partnerships with investors like Grindrod look to unlock vast growth through a common platform, which will spark a new era of long-term and sustainable growth in the Agri space."
Both companies have a history of more than a century and have evolved into respected, reputable, successful and focused businesses with a common goal of growing the agricultural commodities businesses in Africa.
Grindrod will become actively involved in the business management of NWK through its representation on the board.
"Our transaction with NWK is of great significance as part of implementing our strategy to add critical mass and depth to our agricultural logistics supply chain. We look forward to working with NWK," said Alan Olivier, Chief Executive Officer of Grindrod Limited.
Image: © Thinkstock
Copyright is owned by Africa Outlook and/or Outlook Publishing. All rights reserved.