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AEG
AEG
Aveng Limited - AGM Statement: Friday 27 October 2006
Aveng Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000018081
Share Code: AEG
("Aveng")
AGM STATEMENT : FRIDAY 27 OCTOBER 2006
The following statement was made by Richard Savage, Aveng"s chairman at the
company"s annual general meeting held on Friday 27 October 2006.
Trading conditions in all three of Aveng"s business clusters continue to be
buoyant.
The order book in Grinaker-LTA is strong, reflecting the upturn in the
industry experienced over the past 12 months. The government"s commitment
to infrastructure development and the requirements of the 2010 soccer world
cup, Eskom and Transnet will ensure that favourable trading conditions
continue over at least the next five years. McConnell Dowell, Aveng"s
Australian registered construction company continues to perform well and
has significant prospects going forward. Moolmans, the company"s opencast
contract mining operation, also has a strong order book. E+PC, our
engineering and project management services operation, continues to perform
well and going forward, has good prospects for further growth. Work on
hand at 30 September 2006 for the Engineering, Construction and Contract
Mining cluster, at R12,5 billion has grown some 11 percent since 30 June
2006.
The increased demand for services within the construction and engineering
sector is placing significant pressure on resources generally and this
pressure is expected to increase as government"s infrastructure and world
cup projects come on stream.
Demand for products of the businesses in the Steel and Allied cluster
remains strong on the back of the buoyant construction industry and
continuing demand from the automotive and manufacturing sectors. Trading
conditions are not expected to change significantly during the current
trading period.
The Cement cluster which comprises the company"s 46 percent interest in
Holcim South Africa, continues to operate at full capacity. With reference
to the cautionary announcement made on 23 August 2006 and the renewal
thereof on 3 October 2006, relating to the announcement by Holcim
Switzerland that it is to sell 85 percent of its 54 percent interest in
Holcim (South Africa) to a black empowerment consortium, discussions with
Holcim Switzerland to reach a mutually acceptable outcome for Aveng, Holcim
and the potential new stakeholder in Holcim (South Africa), are continuing.
Both Aveng and Holcim remain committed to transformation and to the
implementation of a sustainable black economic empowerment transaction in
Holcim (South Africa).
In line with the group succession plan, Angus Band was appointed deputy
chairman of the company at this morning"s board meeting.
Date: 27/10/2006 04:09:15 PM Produced by the JSE SENS Department
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