Aveng closes Trident Steel R700m deal after five years

Jse-listed Aveng this week said it had finally closed a deal to sell Trident Steel as a going concern for R700-million, wrapping up a deal first initiated in 2017.

Andrew Bahlmann, the CEO of Deal Leaders International, said Aveng, cut its external debt in South Africa to R406-million and disposed of non-core assets with combined proceeds of more than R1-billion.

“Trident Steel was the sole material asset remaining still to be disposed of in terms of this strategy and with this deal now seemingly imminent, the company appears well placed to achieve its long-term stated goal of listing internationally.”