BUZZ-Grindrod Shipping rises on capital reduction proposal

Reuters04-05

** Shares of Grindrod Shipping Holdings jump ~26% premarket to $13.30

** GRIN proposes to seek approval of shareholders for a selective capital reduction

** Company offering $14.25/shr to participating shareholders to cancel 3.5 mln of its issued shares as part of the plan

** Offering price represents ~35% premium to GRIN's Thursday's close of $10.54, according to Reuters calculations

** Co says plan will involve reducing the issued share capital to $240.6 mln from $290.2 mln, representing a 17.67% reduction in the total number of issued shares

** GRIN up ~17% YTD

(Reporting by Arunima Kumar in Bengaluru)

((Arunima.Kumar@thomsonreuters.com; Twitter:

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