Royal Boskalis Westminster N.V. (Boskalis) has successfully completed the sale of its stake in SMIT Amandla Marine (SAM).
The possible sale had already been announced in March 2016. The stake was sold to management and local investors, thereby returning the business of SAM to 100% South African ownership.
Boskalis received a cash sum of approximately EUR 50 million for the sale. The activities and results of SAM will be deconsolidated with effect from 1 December 2016.
Following the sale, Boskalis will continue to be permanently represented in the region through the activities of SMIT Salvage.