South Africa's Richest Man Johann Rupert-linked Grindrod To Acquire Stake In Mozambican Terminal For $79.6 Million

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 Carvo 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 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 Grindrods logistics network, linking rail and road freight with global shipping routes. The terminal's sub-concession is held under the Maputo Port Development Companys 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.

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.