PRETORIA – Listed financially troubled construction and engineering groups Aveng and Group Five are both making progress with the implementation of turnaround strategies aimed at returning these once-thriving and profitable companies to financial health.
Aveng on Friday reported the sale of 100 percent of Aveng Water, its water treatment process engineering and project delivery business, and Aveng Namibia Water business to Cambrose 735, a special-purpose vehicle incorporated as a private company named Infinity Partners, for R95 million.
It confirmed the sale formed part of Aveng’s strategic disposal process announced in February last year when the company announced the outcome of its strategic review.
It follows Group Five reporting on Thursday that it had agreed to sell its Everite fibre cement products business and Sky Sands mining and washing operation to a private equity consortium comprising Trinitas Private Equity and Agile Capital for R480m.
Group Five also confirmed this sale was in line with its re-evaluated strategy and structure announced in November 2017 to address its under performance and the changes necessary to achieve acceptable returns in a challenging market landscape.