AEG : Update on disposal of Aveng Duraset Alrode business:
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
SHARE CODE: AEG
("Aveng" or "the Group")
Update on disposal of Aveng Duraset Alrode business
Shareholders are referred to the SENS announcement released on 7 August 2019, when Aveng
announced that it had entered into a fully funded sale of business agreement with Videx Wire
Products Proprietary Limited ("Videx") for the sale of the Aveng Duraset Alrode business ("Duraset
Alrode") as a going concern ("Proposed Transaction").
The Proposed Transaction was subject to a number of consents and conditions precedent, as
outlined in the SENS announcement. All consents and conditions precedent have been fulfilled
except the approval of the relevant competition authorities. Recently, the South African Competition
Commission formally prohibited the Proposed Transaction. As a result, the agreement between
Aveng and Videx has been terminated.
Duraset Alrode was identified as non-core as part of the strategic review, undertaken by the Group
in February 2018, and continues to be deemed as such. Therefore, Aveng will continue to explore
alternatives to affect the disposal of the business and is currently in discussions with other
28 November 2019
UBS South Africa Proprietary Limited
Group Executive: Strategy & Investor Relations
Tel: 011 779 2979
Date: 28-11-2019 05:00:00
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