File picture: Ivan Alvarado/Reuters

JOHANNESBURG - South African conglomerate Aveng said on Friday it expected a headline loss per share of between 297 and 329cents for the 12 months ended June, an improvement from a loss of 1,625.3 cents in 2017.

Aveng, which is due to announce its results on September 25, said it had made good progress implementing a strategic action announced in February and aimed a creating a robust and sustainable group.

It said an essential aspect of the strategic action plan was to finalise a set of capital markets transactions to ensure a long term sustainable capital structure, including raising new capital and settling existing convertible bonds before their July 2019 maturity date.

"Aveng are well advanced in agreeing the terms of a revised common terms agreement with its South African lending banks," it said.

Through this process, the company was able to negotiate renewed facilities, obtain additional funding to improve its liquidity position and extend the funding term.

It said these renegotiated terms would remove some of the immediate pressure on liquidity and provide certainty as to the availability of ongoing banking facilities.

"The company expects to finalise the terms of the revised common terms agreement prior to the release of its year end results," Aveng added.

- African News Agency (ANA)