01:21 PM EDT, 04/05/2024 (MT Newswires) -- (Updates with Friday's stock price movement in the headline and first paragraph.)

Grindrod Shipping ( GRIN ) shares were up over 28% in recent Friday activity after the company said it plans to implement a selective capital reduction.

The board plans to seek shareholder approval at an extraordinary general meeting for the selective capital reduction.

The company proposes to cancel all the shares held by its stockholders, other than those held by Good Falkirk (MI) Limited, comprising 3,479,225 shares.

The stockholders will receive $14.25 for each share held that is canceled following the selective capital reduction.

On Oct. 28, Good Falkirk, a wholly-owned subsidiary of Taylor Maritime Investments Limited, made a voluntary conditional cash offer for all of Grindrod's issued ordinary shares.

Price: 13.50, Change: +2.98, Percent Change: +28.33