Aveng: Paddling like hell to keep afloat, and then only just
Sales of non-core assets allow battling former construction giant to concentrate on its core businesses
As the construction cookie crumbles, building firms are desperate to keep their heads above water – mainly by selling non-core assets.
Aveng, the company that built the iconic FNB Stadium in Johannesburg, has fallen on hard times in the past decade. Its share price has plummeted (https://www.sharenet.co.za/v3/quickshare.php?scode=AEG) from over R72 in 2008 to 3c. This mirrors the decline in SA’s building industry amid waning work.
But the company has been decisive in the implementation of its strategy to improve its operational and financial performance, following a strategic review in 2018...