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MURRAY & ROBERTS MEDIA STATEMENT

Release Date: 16/07/1999 14:32
Code(s): MUR
Wrap Text
16 JULY 1999

MURRAY & ROBERTS, S A MARINE AND SMIT INTERNATIONAL CONCLUDE MARINE SERVICES DEAL
SMIT INTERNATIONAL OF ROTTERDAM IN THE NETHERLANDS HAS ACQUIRED PENTOW MARINE FROM MURRAY & ROBERTS AND SOUTH AFRICAN MARINE CORPORATION, SUBJECT TO A DUE DILIGENCE CURRENTLY UNDERWAY. THE TRANSACTION, WHICH IS EXPECTED TO BE CONCLUDED BY 1 SEPTEMBER 1999, IS IN LINE WITH THE STATED INTENTION OF MURRAY & ROBERTS AND S A MARINE CORPORATION TO DISPOSE OF NON-CORE INTERESTS.
AS PART OF THE AGREEMENT, A SOUTH AFRICAN BLACK ECONOMIC EMPOWERMENT PARTNER WILL BE INCLUDED IN THE PENTOW MARINE SHAREHOLDING IN DUE COURSE. MURRAY & ROBERTS AND S A MARINE CORPORATION WILL CO-OPERATE WITH SMIT INTERNATIONAL IN IDENTIFYING A SUITABLE PARTNER, OR PARTNERS, IN ORDER TO EXPAND THE INVOLVEMENT OF BLACK EMPOWERMENT INTERESTS IN THE LOCAL MARITIME SECTOR.
THE TRANSACTION WILL STRENGTHEN PENTOW MARINE'S POSITION BY GIVING IT ACCESS TO GREATER INTERNATIONAL OPPORTUNITIES, WHILE IT WILL ENABLE SMIT INTERNATIONAL TO EXPAND ITS EXISTING OPERATIONS IN AFRICA.
PENTOW MARINE PROVIDES SPECIALIST MARINE SERVICES SUCH AS OCEAN TOWAGE, SALVAGE, MARITIME CONTRACTING, TERMINAL MANAGEMENT, HARBOUR MANAGEMENT AND SUPPORT SERVICES TO THE OFFSHORE INDUSTRY THROUGH ITS SUBSIDIARY OCTO MARINE. PENTOW MARINE IS BASED IN CAPE TOWN AND HAS OFFICES THROUGHOUT SOUTH AFRICA AND ABROAD IN IVORY COAST, GEORGIA, DUBAI AND THE ISLE OF MAN. PENTOW HAS A FLEET OF OVER 24 VESSELS, INCLUDING THE DEEP-SEA SALVAGE TUGS "JOHN ROSS" AND "WOLRAAD WOLTEMADE". ONE OF THESE DEEP-SEA SALVAGE TUGS IS ON PERMANENT SALVAGE STATION OFF THE COAST OF SOUTH AFRICA, WHILE THE OTHER HAS OPERATED ON THE INTERNATIONAL TOWAGE MARKET AS A MEMBER OF THE SMITWIJS PENTOW POOL SINCE JULY 1997. PENTOW AND OCTO MARINE HAVE A TOTAL WORKFORCE OF APPROXIMATELY 425. THE ACQUISITION FITS WELL WITH SMIT INTERNATIONAL'S STRATEGY OF BALANCED GROWTH IN EACH OF ITS MARKET GROUPS: PORT & COASTAL; MARINE CONTRACTING AND SALVAGE & TOWAGE. IT WILL ALSO STRENGTHEN THE COMPANY'S EXPANSION INTO AFRICA WHERE IT ALREADY HAS OPERATIONS IN NIGERIA AND GABON. FOR ADDITIONAL INFORMATION, PLEASE CONTACT: JAN RABIE: CHAIRMAN OF PENTOW MARINE REPRESENTATIVE OF S A MARINE CORPORATION (021) 408 6002 083 252 2599
MALCOLM LOBBAN: EXECUTIVE DIRECTOR OF MURRAY & ROBERTS 082 900 6569 NICO BUIS: CHIEF EXECUTIVE OF SMIT INTERNATIONAL (0931) 10 454 9298 (0931) 653 693 064

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