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Aveng sells noncore water business for R95m

Aveng sells noncore water business for R95m

Photo by Creamer Media

1st February 2019

By: Tasneem Bulbulia

Deputy Editor Online

     

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JSE-listed Aveng will sell Aveng Water and the Aveng Namibia Water business to Cambrose 735, a special-purpose vehicle incorporated as a private company, Infinity Partners, for the purpose of the transaction for R95-million.

Infinity Partners is a 100% black-owned company jointly held by E-Squared Investments and Aveng Water’s current MD, Suzie Nkambule.

Aveng Water and Aveng Namibia Water were identified as noncore assets during Aveng’s earlier strategic review.

The proposed disposal also forms part of Aveng’s efforts to refocus on becoming an international infrastructure and resources group.

The proposed transaction addresses the retention of all existing jobs, surety for the continuation of existing clients’ contracts and sustainability to ensure future business success.

The proceeds from the sale will be used to strengthen the group’s financial position and applied as working capital to the remainder of the Grinaker-LTA business.

The transaction is excepted to close by the end of the first quarter of this calendar year.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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