Shareholders in Aveng approved the sale of a 51% stake in the Grinaker-LTA business to Kutana Construction, the company said on Wednesday, bringing in a partner owned by black women. The deal helps Aveng, a 125-year-old company, to align the business with black economic empowerment (BEE) requirements and policies aimed at transforming the construction industry. In October, the company announced plans to dispose of a 51% beneficial interest and a 45% economic interest to Kutana construction, a black women-owned entity, for R756m to help the business become profitable again and introduce a black partner.
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