Aveng (formerly Anglovaal Engineering) is an international engineering led contractor focused on infrastructure, resources and contract mining and is listed on the

Johannesburg Stock Exchange JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange) is the largest stock exchange in Africa. It is located in Sandton, Johannesburg, South Africa, after it moved from downtown Johannesburg in 2000. In 2003 ...

. Its origins lie in modest construction projects in South Africa, but Aveng now operates in engineering, infrastructure development, construction and contract mining across Australia, New Zealand & Pacific Islands, Singapore, Philippines, Indonesia, Malaysia and South Africa. It employs some 5 211 people and has an annual turnover in excess of R30 billion.

History

Strategic review (2017-2019)

After Aveng reported large losses in September 2017, the company's CEO resigned. During the first half of FY2018, Aveng undertook a "robust strategic review" to fully evaluate their financial structure and operational performance to determine the key requirements for our medium- and long-term sustainability. Aveng announced in 2019 a strategic plan that they would dispose of businesses that did not support the group's long-term strategy.Ana Reporter, (18 January 2019), Aveng says to sell non-core assets after strategic review

Independent Online ''Independent Online'', popularly known as ''IOL'', is a news website based in South Africa that serves the online versions of a number of South African newspapers, including '' The Star'', '' Cape Times'', '' Cape Argus'', ''Weekend Argus'', '' ...

Retrieved 17 August 2019 Aveng intended to dispose of the Grinaker-LTA and Trident Steel operating divisions first, followed by the individual manufacturing businesses. Aveng sold its rail business, Aveng Rail formerly known as Lennings Rail, in October 2018. Earlier, Aveng had announced it would also sell its Jet Park and Vanderbijlpark properties. Sean Flanagan was named CEO later in 2019, taking over from interim CEO Eric Diack, who returned to the role of chairperson. Aveng disposed of its Rand Roads business unit in July 2019. It told

Reuters Reuters ( ) is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages. Reuters is one of the largest news agencies in the world. The agency ...

in 2019 it was selling non-core assets to focus on mining by 2020.

Divestitures (2020-2023)

In relation to non-payment on a bridge project, Aveng lodged a claim against

Eskom Eskom Hld SOC Ltd or Eskom is a South African electricity public utility. Eskom was established in 1923 as the Electricity Supply Commission (ESCOM) (). Eskom represents South Africa in the Southern African Power Pool. The utility is the larg ...

in April 2020.

UBS Group AG UBS Group AG (stylized simply as UBS) is a multinational investment bank and financial services firm founded and based in Switzerland, with headquarters in both Zurich and Basel. It holds a strong foothold in all major financial centres as the ...

became a 6.39% shareholder in Aveng in October 2021. In February 2022, while maintaining its placement on the JSE, Aveng narrowed its offshore listings to only bourses in Singapore and Australia. The company at the time described its two remaining core businesses as McConnell Dowell and Moolmans. It stated it still intended to sell Trident Steel. It completed that sale in October 2022. Aveng Trident Steel at the time supplied a wide range of products to the distribution, mining, construction and automotive industries from its steel processing service centers and warehouses, and its manufacturing and fabrication plants. Aveng completed a debt restructure and rights issue in March 2021. In 2022, Sean Flanagan remained CEO of Aveng. In 2022, Aveng lost arbitration involving penalties for missing construction deadlines regarding The Leonardo building in South Africa, concerning a contract from 2015 to 2019.

Business and divisions

Core businesses

Construction and Engineering *

McConnell Dowell McConnell Dowell is an infrastructure construction company founded in New Zealand in 1961. In 2003 it became a wholly owned subsidiary of Aveng, which is listed on the Johannesburg Stock Exchange in South Africa. History McConnell Dowell was f ...

- a major engineering, construction and maintenance contractor, in the building, infrastructure and resources sectors in Australia, New Zealand and Pacific Islands, Southeast Asia and the Middle East. Mining * Moolmans - a South African-based operator in open cut contract mining across Africa.

Major projects

* Gouda Wind Facility * The Leonardo *

FNB Stadium First National Bank Stadium or simply FNB Stadium, also known as Soccer City and The Calabash, is an association football (soccer) and Rugby union stadium located in Nasrec, bordering the Soweto area of Johannesburg, South Africa. The site is m ...

References

External links

* Companies based in Johannesburg Companies listed on the Johannesburg Stock Exchange Steel companies of South Africa Construction and civil engineering companies of South Africa Mining companies of South Africa 1880 establishments in South Africa Construction and civil engineering companies established in 1880 {{SouthAfrica-company-stub