This multi-million rand transaction strengthens our position as the leading specialist marine services company in South Africa and reaffirms SMIT's commitment to the principles of Broad-based Black Economic Empowerment (BBBEE) and the transformation of the South African Maritime Industry. It also means that the company's employees have a vested interest in SMIT Amandla Marine's ongoing success.

A key driver in the finalisation of our transaction was the commitment demonstrated by our new black shareholders African Maritime Investment Holdings (Pty) Ltd (a wholly owned subsidiary of MION Holdings (Pty) Ltd) and SMIT Internationale in their quest to create a company that appropriately addresses the critical issue of Broad Based Black Economic Empowerment, not only in terms of ownership but, as importantly, in terms of:

• the development of black management,
• employment equity,
• skills development,
• preferential procurement,
• new enterprise development and
• corporate social investment.

It is through the finalisation of our empowerment transaction that we not only succeed in attaining our short-term transformation objectives, but also in satisfying our Clients' desire to contribute meaningfully to the progress and process of transformation through contracting with organisations such as SMIT Amandla Marine (Pty) Ltd that show an active and ongoing commitment to transformation, in line with their own preferential procurement objectives.

For more information on SMIT Amandla Marine's Broad Based Black Economic Empowerment efforts, kindly send us a message.