AEG - Aveng Limited - Competition Commission Matters
AEG
AEG
AEG - Aveng Limited - Competition Commission Matters
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("Aveng" or "the Group")
COMPETITION COMMISSION MATTERS
Aveng wishes to advise shareholders that it has noted the referral of the
Competition Commission`s investigation into anti-competitive practices within
the roof bolt division of Duraset, a business unit in the Aveng Manufacturing
operating group. An intensive compliance review undertaken by Aveng during 2008
revealed that Duraset may have been involved in certain anti-competitive
practices in the roof bolt market. Upon discovery, Aveng immediately referred
the matter to the Competition Commission. The Commission has confirmed in its
founding affidavit that Duraset stopped attending meetings with its competitors
in February 2007. Duraset accounts for some 16% of the turnover of Aveng
Manufacturing.
In relation to the disclosure made to shareholders in the SENS announcement of
9 September 2008 regarding Aveng`s involvement with the Competition Commission,
shareholders are advised that the Commission is still engaged in investigations
relating to the steel reinforcing industry, including reinforcing steel and
steel mesh, as referred to in that announcement. The Commission is also
investigating conduct involving Aveng in relation to certain other
infrastructure products and services.
Furthermore, Aveng welcomes the Competition Commission`s broad investigations
into the construction industry, announced on 1 September 2009 and is committed
to co-operating fully with the Commission, as it has previously.
1 October 2009
Sponsor:
J.P. Morgan Equities Limited
Date: 01/10/2009 17:00:01 Produced by the JSE SENS Department.
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