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Engineering firm Aveng has announced the sale of its water business. 100% of Aveng Water Proprietary Limited and the Aveng Namibia Water business were sold to Cambrose 735 Proprietary Limited, a special purpose vehicle incorporated as a private company (Infinity Partners), for a cash consideration of R95-million.

Aveng sells water business“This sale forms part of Aveng’s strategic disposal process announced in February 2018 when the company shared the results of its strategic review. The outcome of the review was the adoption by the Aveng Board of a new and focused strategy to become an international infrastructure and resources group operating in selected fast-growing markets and capitalising on its considerable knowledge and experience. As part of this process, the Group identified core businesses and assets that support its overall long-term strategy and announced that it intends to dispose of certain non-core assets and properties,” the company said in a statement.

The fully-funded net transaction will be settled in cash on a debt-free basis. The proceeds from the sale will be used to strengthen the financial position of the Aveng group and will be applied as working capital to the remainder of the Grinaker-LTA business. According to the company, the proposed transaction addresses the retention of all existing jobs, surety for the continuation of existing clients’ contracts, and sustainability to ensure the business remains successful well into the future.

Infinity Partners is a 100% black-owned company jointly held by E-Squared Investments and Suzie Nkambule, the current Managing Director of Aveng Water. She has led a successful turnaround of the business for the past three years and is a Fellow of the Allan Gray Orbis Foundation. “Nkambule will lead the business as it builds on its strategy and capabilities to become a leading water infrastructure development and technology company operating across sub-Saharan Africa,” Aveng said.

Image credit: https://www.aveng.co.za/news-media/media-releases/aveng-appoints-general-manager-aveng-water

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