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Johannesburg - Monday February 18, 2002
Share code : AEG
ISIN : ZAE000018081
The merger of the two construction companies, Grinaker and LTA, has
progressed well and as a further refinement of the merger process, Frank
Crowley, the managing director of the merged group, Grinaker-LTA has
announced some changes within the group.
From the start of the new financial year in July 2002, the Grinaker-LTA
group structure will be streamlined and some management changes effected to
enhance group efficiency and prepare for the future.
Grinaker-LTA is a wholly-owned subsidiary of the listed construction-
materials group, Aveng Limited, and was recently awarded the tender for the
construction and commissioning of the Mozambique gas pipeline as well as
other contracts.
Mr Crowley said that with effect from July 2002 the two companies within
Grinaker-LTA - Grinaker-LTA Construction and Development and Grinaker-LTA
Engineering and Mining Services - will be consolidated into Grinaker-LTA
Limited.
Senior management changes to ensure succession planning will follow a year
later. Howard Jones, who is currently deputy managing director of Grinaker-
LTA, will succeed Frank Crowley as managing director in July 2003. Wolf
Wassermeier will become Mr Jones' deputy, and is appointed a deputy managing
director with effect from July 1, 2002. It is also planned that Brian
Barrow will succeed Ansell Matcher as financial director in July 2003.
Mr Crowley added: "These appointments form part of the group's strategic and
succession planning. It is important that we have management continuity and
after July 2003, both Ansell Matcher and I will continue developing Aveng's
construction interests in Australasia and elsewhere."
Mr Crowley noted that it has been decided, as part of the development of the
Grinaker-LTA business, to relocate from the office park in Rivonia Road,
Sandton to a smaller new head office development at Jet Park on the East
Rand. "This will accommodate the centralised functions of the Grinaker-LTA
group, and be in close proximity to most of the business units. We expect
the new facility to be ready in approximately 12 months."
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 group focused principally on the
developing world.
Its major businesses are
* Construction :
Grinaker-LTA (100% held) is South Africa's largest construction company with
particular expertise in providing construction services to the mining
industry. Its operations extend throughout Africa and into the Middle East.
McConnell Dowell (64% interest) is listed on the Australian and New Zealand
stock exchanges and provides specialised construction services to the energy
sector. Its operations extend throughout Australia/New Zealand and into
South East Asia.
* Steel and Allied :
A cluster of steel centres and light manufacturing businesses which together
make Aveng South Africa's largest domestic steel beneficiator/merchant. The
two largest businesses are Trident Steel and Amalgamated Steele, both of
which are 100% held by Aveng.
Activity is strategically balanced around servicing the construction,
engineering and automotive sectors.
* Cement :
Alpha is South Africa's second largest cement producer and its largest
concrete manufacturer and aggregate producer. Aveng holds 46% of Alpha and
the Swiss group Holcim, one of the world's leading suppliers of cement,
aggregates and concrete, holds 54%.
Operations extend into southern Africa where Alpha operates a number of
cement terminals. It has a controlling interest in Tanzania's largest
cement manufacturer.
Aveng's objectives are to achieve
* PE rating in the top three of the BCE sector
* Long-term real ROE of 10%
* Minimum 25% of earnings in hard currencies
Visit our website - www.aveng.co.za
ends
ISSUED BY: PENELOPE GRACIE INVESTOR RELATIONS
ON BEHALF OF: AVENG LIMITED
FURTHER INFORMATION: PENELOPE GRACIE
CONTACT: OFFICE +27 (11) 447-3301
MOBILE 082-55-77-444
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