07:22 AM EDT, 07/17/2024 (MT Newswires) -- Grindrod Shipping Holdings ( GRIN ) said Wednesday Singapore's High Court has approved its proposed selective capital reduction to lower its issued share capital from about $290.2 million comprising about 19.7 million common shares to $240.6 million comprising 16.2 million common shares.

The capital reduction will be carried out through the cancellation of about $49.6 million in paid-up share capital comprising about 3.5 million common shares held by certain participating shareholders, the company said.

The cancelled share capital will be returned to the shareholders in cash amounting to $14.25 for each cancelled share, Grindrod said.