Aveng - sale of Aveng Water complete

Tuesday 25th June, 2019
On 18 January 2019, Aveng announced the sale of Aveng Water, as a going concern, to Infinity Partners, a 100% Black-owned company. The sale was subject to the fulfilment of a number of conditions precedent as outlined in the announcement on 18 January 2019.

Aveng announced that all conditions precedent have been met and that the transaction has now become unconditional. Following the due diligence process, the sale price was reduced from R95m to R85m with an additional deferred payment of R5m subject to certain conditions having been fulfilled by June 2020. The payment of R85 million was received from Infinity Partners on Tuesday 25 June 2019 and will be used to strengthen the financial position of the Group.

The finalisation of the sale underpins the Company's commitment to refocusing Aveng to become an international infrastructure, mining and resources group. Aveng remains committed to completing the balance of the disposals in a timeous manner subject to acceptable value being realised.
Click Here for the full SENS feed