Kutana Construction to acquire 51% stake in Grinaker-LTA
Aveng shareholders have approved the sale of a 51-percent stake in the Grinaker-LTA business to Kutana Construction, a black women-owned entity, the deal including a 45-percent economic interest for Kutana. The 51 percent interest represents the legal voting position of the shares held by Kutana, while the 45 percent economic interest represents the benefit attributable to the firm.
The deal, worth R756 million, will help 125-year-old Aveng to align itself with government's economic agenda and policies aimed at transforming the South African construction industry.
Aveng said in a statement that the majority of shareholders approved the disposal at its general meeting.
Pictured: Adrian Macartney, Aveng CFO