January 21, 2014

African rolling stock leasing company established

Written by  John Batwell
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African rolling stock leasing company established S. Jesser

GRINDROD, South Africa, announced on January 20 that its Grindrod Freight Services (GFS) subsidiary has formed a joint venture with the Pemgrani Remgro Infrastructure Fund (PRIF) to provide rolling stock leasing services to railways in Africa.

The new company, which is named GPR Leasing Africa, will be based in Mauritius and will be 55% owned by GFS and 45% by PRIF.

Grindrod says GPR Leasing will specialise in leasing equipment for freight operations, including main line locomotives, shunting locomotives, and wagons. GPR Leasing has already secured orders for 31 locomotives, all of which will be new-build or refurbished units supplied by Grindrod's Pretoria-based locomotives subsidiary.

South Africa's Rand Merchant Bank has been appointed as lead arranger and funder for GPR Leasing's debt package.

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