JOHANNESBURG, January 18 (ANA) - South African conglomerate Aveng said on Friday it had entered into a sale and purchase agreement with Infinity Partners for the sale of the shares in Aveng Water and the Aveng Namibia Water business.
Last February Aveng, which operates in steel, engineering, manufacturing, mining, concessions, public infrastructure and water treatment, said it intended to dispose of non-core assets and properties after a strategic review.
"This sale is another important step in the delivery of Aveng’s strategic action plan and in the refocusing of Aveng to become an international infrastructure and resources group," it said on Friday.
"The proposed transaction addresses the retention of all existing jobs, surety for the continuation of existing clients’ contracts, and sustainability to ensure the business remains successful well into the future."
The fully-funded net transaction consideration is R95 million and will be settled in cash on a debt-free basis.