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Aveng expects to wrap up noncore disposals by June 2019

By: Terence Creamer     7th September 2018 Embattled construction group Aveng expects to finalise the disposal of all noncore businesses by June 2019. Following a strategic review, the JSE-listed company identified Aveng Trident Steel, Aveng Grinaker-LTA, Aveng Manufacturing, as well as certain properties and other assets, for sale. 

M&R upbeat on prospects for mining unit amid commodity cycle ‘upturn’

By: Terence Creamer     30th August 2018 Engineering and construction group Murray & Roberts (M&R) is upbeat about prospects for its strong-performing underground mining unit, which was the biggest contributor to the group’s 2018 financial performance, as well as to the growth in the JSE-listed company’s R30-billion order book. The... 

M&R ‘disappointed’ about ATON’s response to proposed Aveng merger

By: Marleny Arnoldi     11th June 2018 Construction and engineering services company Murray & Roberts (M&R) has expressed its disappointment with German investment company and majority shareholder ATON, following ATON’s reaction to M&R’s interest in merging with construction engineering company Aveng.  

ATON bemoans M&R’s Competition Tribunal application

By: Marleny Arnoldi     8th June 2018 German investment company ATON says JSE-listed Murray & Roberts (M&R) has initiated another ‘frustrating action’ against its offer to acquire all shares in M&R, by trying to prevent ATON from exercising its full rights and voting against M&R’s proposed combination with construction giant Aveng.  

Aton says will not support M&R’s proposed transaction with Aveng

By: Simone Liedtke     21st May 2018 German-owned Aton believes Murray & Roberts (M&R) is putting its interests ahead of that of shareholders and other stakeholders with its proposed combination with Aveng. The sole intent of M&R’s announcement on Friday that it plans to merge with Aveng, Aton states, is to frustrate Aton’s... 

Murray & Roberts Announces The Potential Combination With Aveng Limited

18th May 2018 Murray & Roberts Holdings Limited (“Murray & Roberts”) today announced a potential transaction, proposing to make an all share offer to acquire the entire issued share capital of Aveng Limited (“Aveng”), as well as to implement a solution to enable the early redemption of the Aveng convertible... 

M&R hopes to convince ATON of commercial merits of Aveng tie-up

By: Terence Creamer     18th May 2018 Murray & Roberts (M&R) CEO Henry Laas says he will make every effort to convince its largest shareholder ATON – the German family-owned business, which owns 39% of the company and which has made a firm offer to acquire majority control of the South African engineering and construction group – of... 

Aveng announces early bond redemption and R1.8bn rights issue

By: Anine Kilian     30th April 2018 JSE-listed construction group Aveng will implement a R1.8-billion rights offer to raise the capital needed to fund the early redemption of a portion of its existing convertible bonds of R2-billion. The rights offer will also add R300-million in new capital into the business. 

Aveng outlines new business plan, posts H1 loss

By: Anine Kilian     27th February 2018 JSE-listed Aveng, which posted a headline loss of R335-million for the half year ended December 31, on Tuesday outlined details of the outcome of its strategic review, which involved a very “thorough and robust interrogation” of all parts of the business. The review was aimed at  identifying the... 

Strategic review at Aveng likely to trigger noncore disposals

By: Terence Creamer     26th September 2017 Aveng executive chairperson Eric Diack, who has stepped in as acting CEO at the construction group following Kobus Verster’s surprise resignation, says a “no-holds-barred” strategic review is currently under way in a bid to improve the company’s immediate liquidity position and position it for a... 

Aveng to seek shareholder backing for sale of Grinaker-LTA stake to Kutana in March  

By: Terence Creamer     21st February 2017 Construction and engineering group Aveng will seek shareholder approval before the end of March for the sale of a 51% beneficial interest in Aveng Grinaker-LTA to Kutana Construction, a black economic empowerment company. Aveng has also decided to include Aveng Water in the transaction, along... 

Aveng interim results impacted by exceptional items

By: Megan van Wyngaardt     13th February 2017 Owing to two nonrecurring exceptional items incurred in the half-year to December 31, JSE-listed Aveng expects to report a headline loss of between R290-million and R310-million, a widening of the R231-million loss it reported for the same period in 2015. The items include a present value charge... 

AECOM appoints new Strategy and Growth Director for Africa

19th January 2017 AECOM appointed Fadzai Nyamasve as the Strategy and Growth Director for Africa from 1 January 2017. Nyamasve previously served as AECOM’s Strategic Projects Director for Buildings+ Places, and as the Client Account Manager for Transnet. Nyamasve is professionally trained as an electrical... 

Aveng appoints replacement for Robinson

By: Creamer Media Reporter      31st July 2015 JSE-listed Aveng has appointed McDermott International commercial senior VP Scott Cummins as CEO of its Asia and the Pacific subsidiary McConnell Dowell, effective October 1. Cummins would succeed outgoing CEO David Robinson, who was retiring this year, but would remain available to the company... 

Aveng readies for 45% H1 earnings nosedive

By: Natalie Greve     11th December 2014 Construction group Aveng expects headline earnings and headline earnings per share (HEPS) to decline by at least 45% in relation to the comparative period’s R307-million and 82.1c a share respectively, translating into headline earnings of R169-million and HEPS of 45.2c for the six months ending... 

Aveng sells Australasian utilities business for R1.4bn

By: Natalie Greve     22nd September 2014 Construction major Aveng has offloaded its wholly-owned Australia- and New Zealand-based utility, resources and infrastructure contracting business Electrix to European concern Vinco Energies for some R1.4-billion in cash. Aligned to the strategic objective of strengthening the financial position... 

Auckland’s “Alice” cautiously creates Waterview’s rabbit hole

31st March 2014 The Aveng Group has a reputation for taking on significant infrastructure projects that have the potential to create substantial positive change in the areas in which they are operating.  Australian-based McConnell Dowell’s current project to build the Waterview Connection Alliance in Auckland,... 

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