The construction company says the buyer of the asset could not raise the required R7.5m
Karl Gernetzky and Siseko NjobeniEmbattled construction group Aveng, whose share price has lost more than 99% of its value since the beginning of 2017, said on Friday that the sale of its Grinaker-LTA Ground Engineering business fell through due to the purchaser being unable to raise the R7.5m required.
The sale is part of Aveng’s disposal of noncore assets after the company’s strategic review in February 2018. The review is in line with the company’s move to position itself as an international infrastructure and resources group operating in selected fast-growing markets. The company also disposed of Aveng Grinaker-LTA Construction and Development, but said on Friday that a working capital adjustment means it will receive R30.5m less than the R100m previously announced.
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