Aveng, Ku­tana talks in progress

The Star Early Edition - - BUSINESS REPORT -

CON­STRUC­TION and en­gi­neer­ing group, Aveng says that ne­go­ti­a­tions for the em­pow­er­ment deal be­tween Aveng Gri­naker- LTA and black women-owned com­pany, Ku­tana Con­struc­tion are on­go­ing. Aveng Gri­naker-LTA agreed to sell a 51 per­cent ben­e­fi­cial in­ter­est and an ini­tial 45 per­cent eco­nomic in­ter­est to Ku­tana for R756 mil­lion in Oc­to­ber last year. The group had said the em­pow­er­ment part­ner would en­sure that Aveng Gri­nakerLTA re­mained rel­e­vant in trans­form­ing con­struc­tion sec­tor. The group has pre­vi­ously said the deal would cul­mi­nate in the in­tro­duc­tion of a black women-owned par­tic­i­pant and emerg­ing black con­trac­tors into the mar­ket.

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