Kutana Construction, a company owned and led by black women, will buy a majority 51% stake in Aveng subsidiary Aveng Grinaker-LTA, which services infrastructure, energy, rail and mining markets in Africa.The purchase price, to be settled in full by 2020, is capped at a maximum amount of R756m, with a floor price based on the fair value of the business at that future date."(This) demonstrates Aveng’s continued commitment to the South African economy by aligning the strategy of Aveng Grinaker-LTA with government's economic transformation agenda and policies, to further the development and transformation of the South African construction sector," Aveng said on Tuesday.As the largest construction group in SA by turnover, Aveng said this facilitated the introduction of "eligible" emerging black contractors, and black professional and management skills, into the ownership structures of the business.This also gave effect to the "transformation obligations contained in the settlement agreem...
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