Africa’s largest asset manager raises stake in Grindrod to $102.8 million

At a Glance

The Public Investment Corporation (PIC) raises its stake in Grindrod from 15.622% to 20.183%, totaling $102.8 million.
The increased investment signals confidence in South Africa’s transport and logistics sector amid economic shifts.
Grindrod, a leading logistics and financial services firm, has notified regulators of PIC’s increased holding in compliance with JSE rules.

The Public Investment Corporation (PIC), Africa’s largest asset manager, has increased its stake in Grindrod Limited, a South African freight, logistics, and financial services firm.

As of February 21, 2025, PIC now holds 20.183 percent of Grindrod’s total issued shares, up from 15.622 percent in September 2023. The latest acquisition, valued at R1.89 billion ($102.8 million), strengthens PIC’s influence in the company.

PIC’s Grindrod stake boost signals logistics confidence

Grindrod has long played a critical role in transport, logistics, and port operations across Africa, making it a strategic investment for PIC.

The increased stake suggests a strong belief in Grindrod’s growth potential, especially as South Africa’s logistics sector faces transformation amid infrastructure investments and regulatory changes.

Despite economic uncertainties, PIC’s decision to expand its holding indicates confidence in Grindrod’s long-term financial stability and market position.

Regulatory compliance and strategic growth

Following the stake increase, Grindrod has formally filed regulatory notices with the Takeover Regulation Panel, ensuring compliance with Johannesburg Stock Exchange(JSE) listing requirements.

The company’s board has acknowledged PIC’s investment, reinforcing transparency and governance standards.

As Public Investment Corporation (PIC) founded in 1911 and corporatized in 2005 managing government workers’ pensions continues to diversify its portfolio, its increased investment in Grindrod may signal further strategic moves in South Africa’s industrial and infrastructure sectors.

Feyisayo Ajayi

Feyisayo Ajayi is the Publisher and Co-founder of Shore Africa, the flagship media brand under the Travel Shore umbrella. He brings over a decade of multidisciplinary experience across media, finance, and technology. Feyisayo holds a bachelor’s degree in Geology from the University of Ibadan, Nigeria.