HomeNewsAveng Africa gains economic empowerment partner Kutana Construction

Aveng Africa gains economic empowerment partner Kutana Construction

Aveng Africa has entered into a binding agreement with Kutana Construction whereby Kutana will acquire a 45% economic interest in the company on 1 February 2017.

The agreement represents the introduction of an economic empowerment partner into the business of Aveng Africa.

Aveng Africa, a wholly owned subsidiary of Aveng Limited, said the company’s intention was to substantially transform the Aveng Grinaker-LTA business – the company’s multi-disciplinary construction and engineering arm.

The net asset value of Aveng Africa on 30 June 2016 was R369 million and company’s after taxation loss for the year ended 30 June 2016 was R112 million.

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