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Headwinds for Brimstone

LOCAL empowerment group Brimstone Investment Corporation appears to be battling to find its sea legs after an ill-timed foray into shipping and logistics giant Grindrod. The sea has always been central to Brimstone’s investment philosophy – having invested in fishing groups Oceana and Sea Harvest when the empowerment group was launched in the mid-nineties. While the fishing investments have rewarded Brimstone richly over the last two decades, the latest maritime thrust will test Brimstone’s resolve to endure choppy waters.

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BEE consortium invests R1.6bn for 8.4% share in Grindrod

Following the announcement to shareholders on 8 April 2014, Grindrod Limited, the integrated shipping and logistics business, and Brimstone Investment Corporation Limited (Brimstone), both listed on the JSE, are pleased to announce the successful completion of the Black Economic Empowerment (BEE) transaction which has resulted in 8.4% shareholding in Grindrod Limited held by the Black Empowerment Consortium (the Consortium) for a total consideration of R1.6bn.

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Brimstone sets sail

Many Cape Town-based shareholders can thank enduring empowerment company Brimstone for not sailing off into the sunset after a few investment successes - unlike some other iconic BEE groups. But Brimstone is hitting the high seas in an inspired deal that will see the company anchoring an empowerment consortium that is taking a strategic stake in shipping, infrastructure and logistics giant Grindrod.

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