Construction firm Aveng, whose shares have lost about 99.95% of their value over the past 11 years, has sold another business as part of its plans to offload noncore assets and cut debt.
Local construction groups, particularly those focused on SA, have had a torrid few years amid a dearth of major infrastructure projects. Several of Aveng’s peers, including Group Five and Basil Read, have been forced into business rescue — a process aimed at rehabilitating financially distressed companies.
Aveng said on Wednesday it would sell its loss-making Duraset Alrode business for about R50m to Videx Wire Products. Duraset Alrode provides engineering services to the mining and geotechnical industries and safety-critical products to the mining industry.“The proceeds from the sale will be used to reduce debt and strengthen the financial position of Aveng,” the group said.
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