AVENG SELLS GRINAKER LTA MECHANICAL AND ELECTRICAL BUSINESS FOR R72M

Global infrastructure and resources group Aveng
will sell its Grinaker LTA Mechanical and Electrical subsidiary to the Laula
consortium for R72-million.

This forms part of Aveng’s continued sale of
noncore assets.

The 100%-black owned Laula consortium also bought
the company’s Grinaker LTA Building and Civil Engineering business.

“We are building the Aveng of the future and while
we operate in a very challenging market environment, we have a clear strategy
to weather these headwinds and futureproof our business. This transaction marks
yet another milestone in terms of the execution of this strategy.

“The proceeds of the disposal of noncore assets
will be used to optimise our capital structure and leverage growth
opportunities in selected markets,” said Aveng CE Sean Flanagan in
a release on Monday.

Since August 2018, Aveng had sold its Duraset Alrode, Water, Rail, Dynamic Fluid Control, Infraset, Rand Roads and Ground Engineering businesses. http://www.engineeringnews.co.za/article/aveng-sells-grinaker-lta-mechanical-and-electrical-business-for-r72m-2019-10-07/rep_id:4136