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Community Scoop » Celebrating Civil Construction Excellence

Scoop Community provides New Zealand Community news and views ....

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Business Scoop » National Awards Celebrate Civil Construction Excellence

Business Scoop » National Awards Celebrate Civil Construction Excellence
scoop.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scoop.co.nz Daily Mail and Mail on Sunday newspapers.

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Aveng appears to be on the road to rehabilitation

MONEYWEB
LIVESTREAM
Turnaround is resulting in consistent operational and financial improvement.
00:01
The group appears to be making real progress and is in a much more stable position. Image: Moneyweb
The rehabilitation of JSE-listed construction and engineering group Aveng to financial health appears to be gaining traction despite the disruptions caused by Covid-19.
In a voluntary pre-close trading update published on Wednesday, Aveng said its open-pit mining business Moolmans continues on its turnaround path and has shown consistent operational and financial improvement over the last 24 months while its Australian-based specialist infrastructure subsidiary McConnell Dowell is expected to deliver a strong full-year profit, âwith second half profits exceeding the first halfâ. ....

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Annual results: Positive headline earnings signal a ste...

Annual results: Positive headline earnings signal a ste...
dailymaverick.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymaverick.co.za Daily Mail and Mail on Sunday newspapers.

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Amenable shareholders give Aveng a fighting chance with...

Shareholders have thrown their weight behind Aveng, once the JSE’s most valuable construction group, which has been reduced to tapping investors for cash. In a rare move, the company’s shareholders not only supported a recent capital raise, but said they wanted to invest more cash to support its recovery.
At an extraordinary general meeting this week, more than 98% of shareholders voted in support of another R100-million rights offer after supporting a R300-million capital raise in March as part of a balance sheet restructure.
Apart from turning to shareholders, the company has also been selling non-core businesses piecemeal as it battles to recover from a massive cash crunch due to expensive debt it had to service while navigating the downturn across the construction sector that followed the 2010 Fifa World Cup. ....

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