An unknown buyer entered into a sale agreement to acquire Aveng Trident Steel (Pty) Ltd from Aveng Limited (JSE:AEG) for ZAR 964 million on October 3, 2022. The purchase consideration payable comprises of consideration of ZAR 700 million plus an amount of ZAR 264 million representing the net cash portion from the business, due on closing plus a ticking fee of ZAR 7.45 million per month, due on closing. Aveng will provide ZAR 210 million of funding to a separate company in order to subscribe for 30% of the equity of the Purchaser that is the subject of the Call Option. The Disposal has been categorised as a Category 1 transaction in terms of the Listings Requirements and as such the Disposal is required to be approved by an ordinary resolution of shareholders. On January 19, 2023, In the AGM chaired by Philip Hourquebie, 99.98% of shareholders gave the approval for sale. 15 conditions precedent for the Trident transaction were met. Competition approval was expected by March. The Transaction shall close on the first day of the calendar month following the date on which the last of the Conditions Precedent are fulfilled or waived. As of May 3, 2023 all conditions precedent to the Transaction have been fulfilled and/or waived.

An unknown buyer completed the acquisition of Aveng Trident Steel (Pty) Ltd from Aveng Limited (JSE:AEG) on April 28, 2023.