AVENG LIMITED - TRADING ENVIRONMENT UPDATE
AVENG LIMITED
REGISTRATION NUMBER: 1944/018119/06
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
SHARE CODE JSE: AEG
ISIN: ZAE 000018081
TRADING ENVIRONMENT UPDATE
Aveng"s strategy is to `balance risk", including the balancing of Rand and
Dollar revenues over the long term. However, in Aveng"s recent report to
shareholders the directors outlined the important impact that the Rand - Dollar
exchange rate has on the company"s short term trading activities. We noted our
expectation of a gradual reduction in the value of the Rand going forward.
Contrary to this expectation, the Rand has continued to strengthen, with the
September quarter showing a 29% hardening of the Rand against the Dollar
compared to the same period last year. As a result, demand for steel based
construction and manufacturing activity has been severely impacted.
Consequently the Aveng results for the six months to December 2003 are expected
to be adversely affected.
31 October 2003
Sponsor: JPMorgan
Date: 31/10/2003 01:38:03 PM Produced by the JSE SENS Department
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