Aveng in advanced negotiations to dispose of Trident Steel
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation