South African conglomerate Aveng said on Tuesday the sale of Aveng Rail as a going concern to Mathupha Capital had now become unconditional and the cash consideration of R133-million was received on May 24.
Aveng, which is involved in steel, engineering, manufacturing, mining, concessions, public infrastructure and water treatment, said the proceeds from the sale to Mathupha, a 100% black-owned investment company, would be used to reduce overall debt.
"The sale represents an important step in the delivery of Aveng’s strategic action plan and in the refocusing of Aveng to become an international infrastructure and resources group," the company said in a statement.
"Aveng remains committed to completing the balance of the disposals, subject to acceptable value being realised."