Alchemy is pleased to have advised Aveng Limited in its disposal of a 30% infrastructure investment in Dimopoint Proprietary Limited.
On 28 November 2024, Aveng Limited, through its subsidiary Aveng Africa Proprietary Limited, entered into a sale of shares with Collins Property Group Limited for the sale of the shares that Aveng holds in Dimopoint Proprietary Limited – a property holding and investment company.
This ZAR96 million transaction was subject to conditions precedent, which have now been met, and with an effective date of 2 December 2024. It results in the termination of the head lease agreement between Aveng Africa and Dimopoint, the settlement of rights, and the release of all obligations and liabilities associated with the head lease agreement.
Collins, a Johannesburg Stock Exchange (JSE)-listed property development and investment group, now holds 100% of the shares in Dimopoint.
Senior Alchemy partner, Morne van der Merwe, says of the transaction: “We were pleased to advise Aveng on this disposal of non-core assets in order to assist them in delivering their strategy, strengthening their financial position through some future potential cost savings, and creating greater opportunity for them to focus on their primary operating brands (McConnell Dowell, Built Environs and Moolmans) and generate increased shareholder value.”
Aveng, an international engineering-led contractor, is focused on infrastructure, building and mining in selected markets and has a 135-year rich history that is rooted in the development of the South African economy.
Read the full SENS announcement: https://www.moneyweb.co.za/mny_sens/aveng-limited-disposal-of-infrastructure-investment/