19th to 21st of May 2020

China Sonangol begins the hire purchase of Rodman

Metalships installations

The presidents of both companies have been finalizing the business in Vigo

China Sonangol has begun the hire purchase of Rodman's group. Sam Pa, the president of the oil company from China and Angola, is in Vigo negotiating the agreement terms with Manuel Rodriguez, the owner of Rodman. Sources close to the hire purchase reveal that the board of directors held yesterday gave the ok to the sale of the 5% of the company, that means a 4 millions Euros cost. The main part of the acquisition, that would turn China Sonangol into the owner of Rodman group (between a 70 and a 80% of the shareholders) for an amount next to 100 millions would await the signature of several contracts with ship owners from Indonesia and Angola that will inject a powerful workload to the most important companies of the group: Rodman Polyships and Metalships & Docks.
The origin of this transaction go back to September of 2014, when the oil company signed with the company presided by Manuel Rodríguez an order of 50 small vessels for Angola: 40 patrol boats and 10 catamarans. The cost of this order, that is now being constructed, was 25 million.
(Source: La Voz de Galicia)

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