PRETORIA – Aveng, the financially troubled listed construction and engineering group, plans to complete the disposal of non-core assets, including Trident Steel, Grinaker-LTA and its manufacturing business, by June next year.
The group said on Friday that there had been significant interest from credible buyers for the majority of the businesses earmarked for sale.
However, Aveng reported that adjustments of R2.2 billion to the non-core asset values had resulted from a change in the measurement criteria, because the realisable value had to be assessed under a different valuation approach, fair value less costs to sell.
Aveng said these adjustments would be reflected in basic earnings and basic earnings a share, but were excluded from headline earnings and headline earnings a share.
However, Aveng said that management had obtained independent valuations in support of the fair value assessments and remained confident that it would be able to realise acceptable values for these assets.