Aveng: a more positive picture emerges
The group’s financial health and operational performance suggest that the ship has turned
Similar to the duration of famines that are described in religious texts, Aveng has been restructuring for seven years. However, with a listing for McConnell Dowell on the horizon and “ownership options” for Moolmans being explored, could a period of feast be around the corner for shareholders?
Aveng, previously named Anglovaal Engineering, traces its roots back 135 years to 1889, when J Thompson, Carpenter and Builder, set up shop in Joburg. In 1965, James Thompson Ltd merged with Lewis Construction, Steeledale Reinforcing and Amco to form LTA, which listed on the JSE. LTA acquired Moolman Bros Construction in 1983 and McConnell Dowell at the end of the millennium. LTA was in turn acquired in 2000 by Aveng, which had emerged from Anglovaal Industries. Further corporate activity resulted in the group becoming a sprawling conglomerate with 24 business units, spanning the manufacturing, mining, steel fabrication, construction and engineering sectors across the globe...
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