Aveng sells treatment business as it tries to keep its head above water
The company says proceeds from the sale would be used to strengthen its financial position
Struggling construction group Aveng on Friday announced the sale of Aveng Water and Aveng Namibia Water to a black-owned investment company for R95m. The sale is part of Aveng’s disposal of noncore assets following the company’s strategic review in February 2018. The review is part of the company’s move to position itself as an international infrastructure and resources group operating in selected fast-growing markets. “As part of this process, the group identified core businesses and assets that support its overall long-term strategy and announced that it intends to dispose of certain noncore assets and properties,” the company said on Friday.
It said following extensive negotiations it had entered a binding sale and purchase agreement with Infinity Partners, a company partly owned by Aveng Water MD Suzie Nkambule. The other shareholder in Infinity Partners is E-Squared Investments, a company which invests in high-impact businesses, according to Aveng. “This sale is another i...