Johannesburg - Monday June 18, 2001
Mervyn Taback (54), the senior partner of Tabacks, was appointed to the Aveng board as a non-executive director on June 15, 2001.
In welcoming Mr Taback to the board, Aveng's incoming chairman Richard Savage said: "Mervyn has been involved in all aspects of commercial and corporate work for both listed and unlisted clients.
"He has also had a long association with Alpha and Trident and was involved in both the Grinaker and LTA schemes of arrangement last year. Before that he was intimately involved with the restructuring of Anglovaal which resulted in the formation of Aveng, so he knows our group well. We are delighted that he has agreed to join the Aveng board."
The Aveng board now comprises:
Non-executive
· Basil Hersov (chairman)
· Richard Savage (deputy chairman and incoming chairman)*
· Phil Erasmus (incoming deputy chairman)*
· Colin Campbell
· James Hersov
· Peter Owen
· Mervyn Taback
* with effect from July 1, 2001
Executive
· Carl Grim (managing director)
· Dennis Gammie (financial director)
· Ernie Behr
· Frank Crowley
· Alan Dawson
· Mike Doyle
· Howard Jones
· Wolf Wassermeier
Please note:
Aveng Limited is a South African based construction-related group. It was listed on the JSE Securities Exchange SA in July 1999 and is aiming to be a globally competitive construction-related company focused principally on the developing world.
Its major businesses are
* Grinaker-LTA Limited - South Africa's largest construction company organised into three divisions: Grinaker-LTA Construction and Development; McConnell Dowell which is listed on the Australian and New Zealand stock exchanges and in which Aveng holds 64%, and Grinaker-LTA Engineering and Mining Services. Aveng holds 100% of Grinaker-LTA.
* Trident Steel (Pty) Limited - South Africa's second largest steel merchant. Aveng holds 100% of Trident.
* Alpha Limited - South Africa's second largest cement manufacturer. Aveng holds 46% of Alpha and the Swiss group Holcim, one of the world's leading suppliers of cement, aggregates and concrete, holds 54%.
Aveng's objectives are to
* Achieve a PE rating in the top three of the BCE sector
* Long-term real ROE of 10%
* 25% of earnings offshore by 2003
ends
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