Aveng out of debt woods after sale of Trident for R1.2bn
Sale of Trident Steel marks the end of a five-year journey during which Aveng reconfigured its portfolio by selling noncore assets
03 May 2023 - 19:09
Aveng has completed the sale of Trident Steel in a R1.2bn deal that leaves the infrastructure and resources group completely free of historical debt, long considered an achilles heel on its balance sheet.
Its shares rose as much as 10% on the news before pulling back to trade 3.20% higher at R10.83 on the JSE by early afternoon, giving Aveng a market valuation of R1.3bn. ..
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