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AVENG PROVIDES UPDATE ON DISPOSALS

09 December 2019

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. http://www.engineeringnews.co.za/article/aveng-provides-update-on-disposals-2019-12-06

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