Royal Boskalis Westminster has cashed out of its investment in South Africa by selling SMIT Amandla Marine to local interests.
The dredging company has banked EUR 50m ($53.1m) from the disposal of its stake.
African Marine Solutions Group (AMSOL) is buying Boskalis' holding and will be in control of 100% of the company.
This will bring SMIT Amandla back under South African ownership, which was the target of the company this year.
Paul Maclons, managing director of AMSOL, said: “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.”
SMIT Amandla was formed in 2005 and was based on a business model which gave a vested interest to its employees.
