Aveng turnaround: R700m sale of Trident Steel a ‘major milestone’
In 2017, Aveng had an external debt of R3bn when its turnaround was announced. With the sale of Trident Steel, it will now be debt-free with new liquidity to invest in the group’s two core businesses. The turnaround strategy included plans to recapitalise the business and strengthen its balance sheet to ensure the group’s sustainable future through, among other things, a rights issue and the disposal of non-core assets.