Aveng is a company on life support, with the group reporting a crippling R6.7bn headline loss for the year to June, as well as the exit of its CEO. The construction company’s headline loss was far more severe than the R299m in the 2016 financial year. Noncash impairments and writedowns on long-outstanding uncertified revenue of R5.9bn also battered the group’s bottomline. CEO Kobus Verster announced he would leave the group, having been at the helm since February 2014. He also resigned from the position of executive director. He said he wanted to pursue other opportunities. The CEO role will be held by executive chairman Eric Diack until a replacement is found.
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