Shareholders have thrown their weight behind Aveng, once the JSE’s most valuable construction group, which has been reduced to tapping investors for cash. In a rare move, the company’s shareholders not only supported a recent capital raise, but said they wanted to invest more cash to support its recovery.
Operations that have been sold or are in the process of being disposed of include Aveng Trident Steel, Aveng Grinaker-LTA, Aveng Manufacturing, and some properties. The disposals will leave it focused on engineering, construction and maintenance contractor McConnell Dowell in Australia and South African mining services business Moolmans.
“Immediately following the initial rights offer, certain shareholders of the company indicated a willingness to provide further capital to support the company,” Aveng said. It is these opportunities, in infrastructure and contract mining, as well as its geographical, sector and commodity diversification, that investors have put their faith in.
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