AVENG:  2   -1 (-33.33%)  23/10/2019 00:00

Aveng To Sell Grinaker-LTA Rand Roads & Ground Engineering Business

July 12 (Reuters) - Aveng Ltd:

* DISPOSAL OF AVENG GRINAKER-LTA RAND ROADS BUSINESS AND AVENG GRINAKER-LTA GROUND ENGINEERING BUSINESS

* FULLY FUNDED BINDING SALE OF BUSINESS AGREEMENT WITH ULTRA ASPHALT PROPRIETARY FOR SALE OF AVENG GRINAKER-LTA RAND ROADS BUSINESS UNIT

* SALE OF AVENG GRINAKER-LTA RAND ROADS BUSINESS UNIT AS A GOING CONCERN

* PROPOSED TRANSACTION CONSIDERATION IS R30 MILLION PLUS VALUE OF INVENTORY AS AT EFFECTIVE DATE

* PROPOSED TRANSACTION CONSIDERATION WILL BE SETTLED BY A R25 MILLION UPFRONT PAYMENT IN CASH ON EFFECTIVE DATE

* PROPOSED DEAL TO CONSIST OF BUSINESS OF RAND ROADS WITH ALL ASSETS, LIABILITIES OF BUSINESS, CO'S 15% INTEREST IN SPECIALISED ROAD TECHNOLOGIES

* PROCEEDS FROM SALE WILL BE USED TO STRENGTHEN FINANCIAL POSITION OF AVENG

* FOR SALE OF AVENG GRINAKER-LTA GROUND ENGINEERING BUSINESS PURCHASE CONSIDERATION OF R7.5 MILLION WILL BE SETTLED IN CASH AND IS FULLY FUNDED Source text for Eikon: Further company coverage:

2019-07-12 12:47:30

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