Interests in subsidiaries

for the year ended 31 December 2008

At 31 December 2008, the company had the following subsidiary undertakings carrying on business which principally affected the profits and assets of the group. They have the same year-end date as the company, unless otherwise stated, and have been included in the consolidated financial statements.

	Nature of business*	Share capital		Effective holding		Investments Shares at original cost		Share-based payments to employees		Loans to subsidiary
		2008 R	2007 R	2008 %	2007 %	2008 R000	2007 R000	2008 R000	2007 R000	2008 R000	2007 R000
INCORPORATED IN SOUTH AFRICA
Grindrod Freight Investments (Pty) Limited	F	1 158	1 158	100	100	175 900	35 900	345	345	181 360	387 067
Grindrod Management Services (Pty) Limited	G			100	100			1 514	1 142
Grindrod Travel (Pty) Limited	T	43	43	100	100	600
Grindrod Property Leasing (Pty) Limited	G			100	100					–	1 552
Grincor Shipping Holdings Limited	G	23	23	100	100	144 451	144 451
Unicorn Shipping (Pty) Limited	S			100	100					21	21
Island View Shipping (Pty) Limited	S	5	5	100	100	5 000	5 000	297	–	476 643	31 850
Voigt Shipping (Pty) Limited	F	10 000	10 000	100	100
Seasure Insurance Brokers (Pty) Limited	D	100	100					455	455
Southern Tankers Operations (Pty) Limited	F	10	10	100	100	7 521	7 521			–	3 085
Grindrod (South Africa) (Pty) Limited	S	204		100	–	–	82 050	–	7 806
Unicorn Shipping Holdings Limited	S	1 500	1 500	100	100	–	146 895			72	2 803
Unicorn Shipping Operations (Pty) Limited	S			100	100
Southern Tankers (Pty) Limited	S	1	1	100	100		1
Grindrod Financial Holdings Limited	B			81	81	183 793	183 793			25 874	–
Oreport Holdings (Pty) Limited	T			100	50	544 405	–
Grindrod Freight Services (Pty) Limited	F	1	–	100	–	1414123	–	10 015	–	506 818	–
INCORPORATED IN BRITISH VIRGIN ISLANDS
Swallow Enterprises Incorporated	G	415	415	100	100	415	415			5 043	5 511
INCORPORATED IN ISLE OF MAN
Grindrod Shipping Limited	S			100	100	1 025331	1025 331	661	575	93 670	60 445
INTEREST IN SUBSIDIARIES ( note 3)						3 501539	1631357	12 832	9 868	1289 956	492 789

*		Nature of business
B	–	Bank
D	–	Dormant
F	–	Freight Services
G	–	Group and Property Services
I	–	Insurance
S	–	Shipping
T	–	Travel