With the intention of substantially transforming the Aveng Grinaker-LTA Business ('Business'), on 11 October 2016, the Group advised shareholders that Aveng Africa (Pty) Ltd. ('Aveng Africa'), a wholly owned subsidiary of Aveng Ltd., has entered into binding agreements with Kutana Construction (Pty) Ltd. ('Kutana Construction') whereby Kutana Construction will acquire a 51% Beneficial Interest (which as a result of a non-voting equity instrument structure converts to effectively a 45% economic interest ('Economic Interest'), in the Business on 1 February 2017, (the 'Proposed Transaction').

The net asset value of the Business as at 30 June 2016 was R369 million. The after taxation loss attributable to the interest for the year ended 30 June 2016 was R112 million.

Renewal of Cautionary

Aveng Africa (Pty) Ltd. is still in discussions in relation to the sale of Aveng Trident Steel and shareholders will receive a further update in this regard in due course.

Therefore shareholders are advised to continue to exercise caution when dealing in their Aveng securities.

Aveng Ltd. published this content on 22 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 December 2016 11:18:09 UTC.

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