AEG - Aveng Limited - Update on investigations by the competition commission

AEG - Aveng Limited - Update on investigations by the competition commission    
AVENG LIMITED                                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1944/018119/06)                                           
ISIN: ZAE000111829                                                              
SHARE CODE: AEG                                                                 
("The Aveng Group" or "Group")                                                  
UPDATE ON INVESTIGATIONS BY THE COMPETITION COMMISSION                          
The Aveng Group issued a SENS announcement on 1 October 2009 advising           
shareholders of an investigation by the Competition Commission into historical  
anti-competitive practices within the roof bolt division of Duraset, a business 
unit in the Aveng Manufacturing operating group, which is in turn, a division of
Aveng (Africa) Limited. Following discussions with the Competition Commission,  
Aveng (Africa) Limited has entered into a settlement agreement with the         
Commission to settle the complaint against Duraset. Subject to confirmation of  
the settlement agreement by the Competition Tribunal, Aveng (Africa) Limited has
agreed to pay an administrative penalty in the amount of R21,9 million, which   
represents 5% of Duraset`s annual turnover for the financial year ending 30 June
2008.                                                                           
Further to the various SENS announcements issued during 2008, 2009 and 2010 in  
which shareholders have been kept informed of the Group`s involvement with the  
Competition Commission, shareholders are advised that the referral to the       
Competition Tribunal of the investigation involving the Steeledale Mesh business
unit has been set down for the hearing of evidence and argument in November     
2010. In other matters which may potentially involve Group businesses, the      
Competition Commission is still engaged in investigations relating to the steel 
reinforcing and construction industries as well as other infrastructure products
and services.  The Aveng Group remains committed to fully co-operating with the 
Competition Commission and ensuring that its employees, management and directors
do not engage in any conduct which constitutes a prohibited practice in terms of
The Aveng Group Code of Business Conduct. Provision has been made for estimated 
administrative penalties in terms of IAS 37.                                    
Sandton                                                                         
10 August 2010                                                                  
Sponsor                                                                         
J.P. Morgan Equities Limited                                                    
Date: 10/08/2010 12:16:01 Supplied by www.sharenet.co.za                     
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