AVENG:  3   0 (0.00%)  21/03/2019 00:00

Aveng To Sell Its Infraset Business

Feb 18 (Reuters) - Aveng Ltd:

* CATEGORY 2 TRANSACTION ANNOUNCEMENT: DISPOSAL OF AVENG INFRASET BUSINESS

* PROPOSED DEAL FOR CONSIDERATION OF R180 MILLION

* ANNOUNCED THAT IT INTENDS TO DISPOSE OF CERTAIN NON-CORE ASSETS AND PROPERTIES. AVENG INFRASET BUSINESS

* PROPOSED TRANSACTION WILL BE STRUCTURED ON A CASH AND DEBT-FREE BASIS

* AVENG INFRASET BUSINESS WAS IDENTIFIED AS ONE OF NON-CORE ASSETS

* ENTERED INTO A BINDING TERM SHEET FOR SALE OF INFRASET TO COLOSSAL AFRICA CONSORTIUM

* WILL SELL ALL BUSINESSES OF INFRASET IN SOUTH AFRICA, ZAMBIA, MOZAMBIQUE, SWAZILAND AND ZIMBABWE AS A GOING CONCERN

* DEAL TO BE SETTLED IN CASH ON EFFECTIVE DATE AND A FURTHER CASH TOP UP OF R20 MILLION PAYABLE WITHIN TWO YEARS Source text for Eikon: Further company coverage:

2019-02-18 15:15:55

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