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

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Creamer Media Editor
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 with its South African and African civil engineering, buildings and mechanical and electrical units. Prior to the inclusion of Aveng Water, the deal was valued at a maximum of R756-million, with the purchase to be settled in full by 2020.

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