| Tue 10 Aug 2010, 12:16 | | AEG - Aveng Limited - Update on investigations by the competition commission |
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AEG
AEG
AEG - Aveng Limited - Update on investigations by the competition commission
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("The Aveng Group" or "Group")
UPDATE ON INVESTIGATIONS BY THE COMPETITION COMMISSION
The Aveng Group issued a SENS announcement on 1 October 2009 advising
shareholders of an investigation by the Competition Commission into historical
anti-competitive practices within the roof bolt division of Duraset, a business
unit in the Aveng Manufacturing operating group, which is in turn, a division of
Aveng (Africa) Limited. Following discussions with the Competition Commission,
Aveng (Africa) Limited has entered into a settlement agreement with the
Commission to settle the complaint against Duraset. Subject to confirmation of
the settlement agreement by the Competition Tribunal, Aveng (Africa) Limited has
agreed to pay an administrative penalty in the amount of R21,9 million, which
represents 5% of Duraset`s annual turnover for the financial year ending 30 June
2008.
Further to the various SENS announcements issued during 2008, 2009 and 2010 in
which shareholders have been kept informed of the Group`s involvement with the
Competition Commission, shareholders are advised that the referral to the
Competition Tribunal of the investigation involving the Steeledale Mesh business
unit has been set down for the hearing of evidence and argument in November
2010. In other matters which may potentially involve Group businesses, the
Competition Commission is still engaged in investigations relating to the steel
reinforcing and construction industries as well as other infrastructure products
and services. The Aveng Group remains committed to fully co-operating with the
Competition Commission and ensuring that its employees, management and directors
do not engage in any conduct which constitutes a prohibited practice in terms of
The Aveng Group Code of Business Conduct. Provision has been made for estimated
administrative penalties in terms of IAS 37.
Sandton
10 August 2010
Sponsor
J.P. Morgan Equities Limited
Date: 10/08/2010 12:16:01 Produced by the JSE SENS Department.
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