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South Africa's Aveng ends talks to sell steel arm-The 19th China (Guangzhou ) Int’l Casting product Exhibition
8/3/2017 casting expo-Die-casting expo-foundry expo |
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Reuters reported that South African construction group Aveng has ended talks on the sale of its Aveng Trident Steel business due to a failure to reach agreement on price. Mr Kobus Verster CEO in a statement said that "With the termination of negotiations, we are intending to further strengthen Aveng Trident Steel, including capitalising on its leading position within the automotive sector.”
Mr Verster also said that the conclusion of a long-running dispute in relation to claims on the Australian Queensland Curtis Liquefied Natural Gas Export Pipeline project has resulted in a cash inflow to the group of 508 million rand (USD 39 million).
On settlement of the QCLNG award the group will significantly reduce net debt by 508 million rand, the company said. As at June 30 the group''s net debt was 1.07 billion rand.
-The 19th China (Guangzhou ) Int’l Casting
product Exhibition
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