Petroleum Africa
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Sunday, December 4, 2016
SMIT Amandla Marine has been acquired by African Marine Solutions Group (AMSOL), owned by a consortium including SMIT Amandla Marine management and employees, the Mineworkers Investment Company, Pan-African Capital Holdings, and RMB Ventures.
According to AMSOL Managing Director Paul Maclons, who joined SMIT Amandla Marine in 2004, the business opportunity for a management buyout was the catalyst for this transaction. “We are excited to build a great South African company and to remain relevant to our clients in the Energy, Mining, Ports and Maritime sectors into the future.”
The sale of the business to AMSOL is in line with a stated commitment by shareholders to capacitate the company over time and return it to 100% South African ownership. This ensures that the business remains relevant in its chosen markets, which include Africa and the Indian Ocean Island region, and is able to continue to meet expectations of local and international clients who demand high Safety, Health, Environmental Protection and Quality standards, and a commitment to localization.
The participation of permanent employees in a broad-based Employee Trust which will own 12% of the company ensures that when AMSOL excels, those who are at the coal face delivering value will benefit.
SMIT Amandla Marine will transition to the AMSOL brand by the end of 2016.
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