https://www.engineeringnews.co.za
Aveng|Business|Construction|Moolmans
Aveng|Business|Construction|Moolmans
aveng|business|construction|moolmans

Aveng’s rights offer exceeds expectations

16th March 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE-listed construction group Aveng has successfully completed its rights offer, raising more than R300-million through the issue of about 20-billion shares at 1.5c apiece.

The company says the shareholder participation rate of 92.61% in the rights offer exceeded expectations, raising total new capital of R392-million, comprising R277-million in terms of the rights offer shares taken up by shareholders and the additional balance taken up by underwriters.

There are now 43.9-billion Aveng shares in issue.

The company aims to restructure its balance sheet, deleveraging it by R1-billion, which will extend the group’s maturity profile to three years and simultaneously materially improve its liquidity pool.

Aveng previously explained that the transaction not only provides the company with the capital structure flexibility to complete its noncore asset sale programme and to wind down its remaining exposure to discontinued businesses, but also sets the group on a path to pursue its strategy around the group’s core businesses, McConnell Dowell and Moolmans, which have returned to profitability and where Aveng sees further business improvement prospects and growth opportunities.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.067 0.12s - 151pq - 2rq
Subscribe Now