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Aveng provides update on disposals

6th December 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Global infrastructure and resources group Aveng on Friday reported on the status of several previously reported disposals.

In relation to the Aveng Dynamic Fluid Control (DFC) disposal, announced in July, Aveng confirmed that all consents and conditions precedents have been fulfilled or waived, and the purchase price of R129-million has been received.

Aveng has also received the upfront R25-million payment for the Aveng Grinaker-LTA Rand Roads disposal.

Further, for Aveng Grinaker-LTA Construction, the previously announced R100-million purchase consideration has been reduced by R30.5-million. The settlement of this consideration will take place through an initial payment of R20-million through six monthly instalments. A further R49.5-million will be settled by no later than the second anniversary of the closing date.

Both of these businesses have been delivered to the buyer, Aveng said.

Meanwhile, the disposal of the Grinaker-LTA Ground Engineering (GEL) business unit will not proceed in its current form owing to the buyer not being able to secure the requisite funding of R7.5-million.

Aveng said that it would continue to explore alternative options to sell this noncore business.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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