Ports and logistics group Grindrod will acquire the remaining 35% shareholding in Terminal de Carvão da Matola (TCM), at the Maputo port, from Vitol Mauritius for $77-million.
The JSE-listed company already holds a 65% interest in the Mozambican operation.
TCM owns the Matola dry bulk terminal which has the yearly capacity to export more than seven-million tons of mainly magnetite and coal.
TCM is operated under a sub-concession to the Maputo Port Development Company’s main port concession, and has the capacity to receive cargo by rail and road with its own dedicated export berth.
Grindrod says TCM’s long-term sub-concession is a strategic asset enabling the company to “provide cost-effective and efficient integrated logistics solutions for its customers’ cargo flows”.
Through this asset, Grindrod believes it will unlock value creation across the Maputo corridor, and meaningfully drive a pit-to-port solution for its customers.
Edited by: Creamer Media Reporter
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