Aveng agreement to sell stake in Grinaker-LTA terminated

A deal aimed at helping Aveng become profitable again, by selling a stake in Grinaker-LTA, has been terminated.

Aveng has cancelled an agreement to sell a 51-percent share in its Grinaker-LTA unit to a black-owned company, Kutana Construction, after the latter firm failed to fulfil funding conditions that included an upfront payment of R20 million.

Despite the deal dissolution, the South African construction firm has said it is still devoted to government’s transformation requirements for the construction sector.

Pictured: Adrian Macartney, Aveng Group FD