AVENG RECEIVES R133M FOR SALE OF AVENG RAIL

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 infrastructureand 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 Avengto 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.” https://www.engineeringnews.co.za/article/aveng-says-has-received-r133m-for-sale-of-aveng-rail-2019-05-28