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AVENG LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1944/018119/06)
ISIN: ZAE000302618
SHARE CODE: AEG
("Aveng" or "the Group")
Aveng receives R210 million relating to the disposal of Trident Steel
Shareholders are referred to the SENS announcement, dated 3 May 2023, relating to the disposal of Trident
Steel for total cash proceeds of R1,2 billion (“the Transaction”).
As part of the Transaction, Aveng provided a R210 million loan, to a separate company, in order to subscribe
for 30% in the equity of the new Trident Steel Business (“the Business’). The 30% holding was subject to a call
option, exercisable at any time within 12 months, for R210 million. This loan was interest bearing and recognised
as a short-term receivable. Payment to Aveng was secured by a demand guarantee.
Shareholders are advised that, the option holder has exercised the call option on Aveng’s 30% holding in the
Business and Aveng has in turn called upon the demand guarantee. Aveng has received payment of R210
million together with interest to date of settlement i.e., 2 June 2023.
The payment will positively contribute towards the Group’s liquidity and continued strengthening of the balance
sheet and will also support its McConnell Dowell and Moolmans businesses, where the Group continues to focus
its long-term growth strategies.
6 June 2023
Melrose Arch
JSE Sponsor
Investec Bank Limited
Itumeleng Lepere
Manager Investor Relations
Tel: 011 779 2800
Email: investor.relations@avenggroup.com
