IMPLEMENTION OF AVENG BLACK ECONOMIC EMPOWERMENT T
AVENG LIMITED - IMPLEMENTION OF AVENG BLACK ECONOMIC EMPOWERMENT TRANSACTION
AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/018119/06)
ISIN: ZAE000018081 CODE: AEG
(`Aveng` or the `company`)
IMPLEMENTION OF AVENG BLACK ECONOMIC EMPOWERMENT TRANSACTION
Shareholders of Aveng are advised that all of the suspensive conditions relating
to the Black Economic Empowerment Transaction (the `BEE Transaction`) details of
which were announced on 25 August 2004 have been fulfilled.
The BEE Transaction, which was effective from 1 July 2004, involved the sale of
25% of Aveng`s South African operating subsidiaries, Grinaker-LTA and Trident
Steel, to a BEE consortium led by Tiso Group (Proprietary) Limited (`TisoGroup`)
and three trusts which were established to benefit a broad base of Historically
Disadvantaged South Africans associated with the building and construction
industry.
`Our group is developing experience and capacity in the industrial sector and we
look forward to working closely with the executive team at Trident Steel and
Grinaker LTA to help shape the businesses and contribute to their ongoing
success and internal transformation,` said Fani Titi, CEO of TisoGroup.
`This transaction is an important step, not only for Grinaker-LTA, Trident Steel
and Aveng, but also for the construction industry across South Africa. It
demonstrates our commitment to the transformation of our sector with broad-based
initiatives,` explained Carl Grim, Chief Executive of Aveng. `We look forward to
working with our new empowerment partners to deliver value to all our
stakeholders.`
For and on behalf of
AVENG LIMITED
Johannesburg
16 February 2005
Sponsor: J P Morgan
For further information contact:
Carl Grim Chief Executive Aveng 011 779 2802 082 903 8346
Fani Titi Chief Executive TisoGroup 011 549 2414 083 555 1798
Date: 16/02/2005 05:34:40 PM
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