1INTRODUCTION   The board of directors (the “Board”) of Grindrod Shipping Holdings Ltd. (the “Company”) wishes to announce that it proposes to seek the approval of the shareholders of the Company (the “Shareholders”) at an extraordinary general meeting of the Company (the “EGM”) to be convened, for a selective capital reduction exercise to be undertaken by the Company (the “Selective Capital Reduction”) pursuant to sections 78G to 78I of the Companies Act 1967 of Singapore (the “Companies Act”). 2SELECTIVE CAPITAL REDUCTION 2.1Background    On 28 October 2022, Good Falkirk (MI) Limited (“GF”) a wholly-owned subsidiary of Taylor Maritime Investments Limited (“TMI”, and together with GF referred to as the “Non-Participating Shareholders”) made a voluntary conditional cash offer (the “VGO”) for all the issued ordinary shares in the capital of the Company (“Shares”) (other than Shares held by GF and Shares held in treasury), in accordance with Rule 15 of The Singapore Code on Take-overs and Mergers (the “Code”) and the rules of the U.S. Securities and Exchange Commission (the “SEC”).   As at the close of the VGO at 11:59 p.m. (New York time) on 19 December 2022, the total number of Shares owned, controlled, or agreed to be acquired by GF and its concert parties and Shares validly tendered into the VGO amounted to an aggregate of 16,206,365 Shares, representing approximately 83.23% of the total number of issued Shares at such date.   As at the date of this Announcement (the “Announcement Date”), GF holds 16,206,365 Shares, representing approximately 82.33%1 of the total number of issued Shares. 2.2Company’s proposal   The Company proposes to implement the Selective Capital Reduction and cancel all the Shares held by the Shareholders, other than the Shares held by GF (such Shareholders whose Shares will be cancelled pursuant to the Selective Capital Reduction, referred to as the “Participating Shareholders”), comprising 3,479,225 Shares (the “Participating Shares”).   The Participating Shareholders will receive US$14.25 for each Participating Share held that is cancelled as a result of the Selective Capital Reduction. 1For the purposes of computation in this Announcement, the total number of issued Shares is 19,685,590 Shares; the Company does not hold any Shares in treasury.  1 2.3Reduct