South Africa’s Grindrod acquires 12.24 percent of Maputo port’s concession-holder

6 April 2006

Durban, South Africa, 06 April – South African sea cargo company Grindrod said Tuesday it had acquired a 12.24 percent stake in Companhia de Desenvolvimento do Porto de Maputo (CDPM), the concession-holder for the port of Maputo, Mozambique.

CDPM holds 51 percent of the capital of an international investment consortium, led by British group Mersey Docks and Harbour Company.

The remaining 49 percent is held by Mozambican state railway company, Caminhos de Ferro de Moçambique.

Grindrod was already involved in Maputo port through the Matola coal terminal, which it bought in February 2005 when it acquired Namibian company, African Portland Industrial holdings, which owned both the Matola terminal the coal terminal at Walvis Bay, in Namibia.

Without revealing the amount invested in the acquisition, Grindrod said that it had aimed to acquire port concessions in Southern African for some time and that Maputo’s port was an “immediate opportunity,” to enter the business.

The company’s chairman, Ivan Clark, said that the company’s South African customers had long been “asking us fir logistical solutions via Maputo,” and added that it “thus made complete sense to take part in the concession.”

As part of its greater involvement in the port, Grindrod said it would invest US$25 million in expanding its coal terminal in order to increase capacity from a current 1.7 million tons to 6 million tons. (macauhub)