https://newsletter.en.creamermedia.com
Africa|Aveng|Business|Financial|Mining|Steel|Infrastructure
Africa|Aveng|Business|Financial|Mining|Steel|Infrastructure
africa|aveng|business|financial|mining|steel|infrastructure

Aveng in advanced negotiations to dispose of Trident Steel

13th June 2022

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

Font size: - +

Infrastructure and contract mining group Aveng is in advanced-stage negotiations with a credible buyer for its Trident Steel business – a division of Aveng Africa – as a going concern.

The disposal of Trident Steel is in line with Aveng’s 2018 strategy of disposing of assets which are deemed noncore to the company, with Trident Steel being the sole material asset still to be disposed of in terms of the strategy.

To date, Aveng has disposed of noncore assets for combined proceeds of more than R1-billion.

The value of the transaction is expected to exceed Trident Steel’s reported net asset value outlined in the 2022 Aveng interim results.

The proceeds from the transaction will be used to settle remaining external debt in South Africa, create further liquidity and strengthen the financial position of Aveng.

Aveng notes that, if successful, the transaction may have a material effect on the price of Aveng’s shares.

Due diligence is well advanced and will be completed “as soon as possible”.

The transaction is subject to the conclusion of black economic empowerment participation, the completion of legal agreements and conditions precedent.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Projects

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Weir
Weir

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 22 November 2024
Magazine round up | 22 November 2024
22nd November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:2.755 2.854s - 202pq - 2rq
Subscribe Now