Picture: Ivan Alvarado/Reuters
Johannesburg – Shareholders in South Africa’s Aveng approved the sale of a 51 percent stake in the Grinaker-LTA business to Kutana Construction, the company said on Wednesday, bringing in a partner owned by black women.

The deal helps Aveng to align the business with the government’s economic agenda aimed at transforming the South African construction industry and giving black people a more prominent ownership role.

In October, the construction firm announced plans to dispose of a 51 percent beneficial interest and a 45percent economic interest to Kutana construction, a black women-owned entity, for R756 million to help the business become profitable again and introduce a black partner.

The 51 percent interest represents the legal voting position of the shares held by Kutana, while the 45 percent economic interest represents the benefit attributable to the firm.