Aveng

{{Infobox company

| name = Aveng Limited

| logo = Aveng logo.svg

| logo_size = 100px

| caption =

| registration_number =

| type = Public

| genre =

| fate =

| predecessor = Anglovaal Engineering

| successor =

| foundation = {{start date and age|1880}}

| incorporated =

| founder =

| defunct =

| location_city = Melrose Arch, Johannesburg

| location_country = South Africa

| location =

| locations =

| area_served = Africa, Australasia, Southeast Asia, South America

| key_people = Sean Flanagan (CEO){{Cite web|url=https://www.aveng.co.za/aveng/directors-aveng-leadership/board-of-directors-aveng/key-management/sean-flanagan,|title=Sean Flanagan Biography - Aveng website|accessdate=11 March 2023}}{{Dead link|date=January 2024 |bot=InternetArchiveBot |fix-attempted=yes }}

Adrian Macartney (CFO)

| industry = Mining, Construction, Manufacturing, Engineering, Steel

| products =

| services = Contract mining, construction, infrastructure development, engineering

| revenue = 31 Dec 2019: R11.2bn;[https://www.aveng.co.za/pdf/interim-results/aveng-interim-31-dec-2019.pdf Aveng Interim Financial Report 2020, Aveng website, Retrieved 09 March 2020]
30 Jun 2019: R 25.7bn;
30 Jun 2018: R30.6bn{{Cite web |url=https://www.aveng.co.za/sites/group/files/downloads/financials/annual_results/avengfinancialreport2018.pdf |title=Aveng Financial Report 2018, Aveng website, Retrieved 17 August 2019 |access-date=17 August 2019 |archive-date=17 August 2019 |archive-url=https://web.archive.org/web/20190817201108/https://www.aveng.co.za/sites/group/files/downloads/financials/annual_results/avengfinancialreport2018.pdf |url-status=dead }}

| net_income = 31 Dec 2019: R170 m loss;
30 Jun 2019: R1.7 bn loss
31 Jun 2018: R3.5 bn loss

| aum =

| assets = R 15.07 Billion (2018)

| equity =

| owner =

| num_employees = 5 211 (2022)

| parent =

| divisions =

| subsid = McConnell Dowell, Moolmans

| homepage = {{URL|http://www.aveng.co.za}}

| footnotes =

| intl =

| traded_as = ({{JSE|AEG}})

}}

Aveng (formerly Anglovaal Engineering) is an international engineering led contractor focused on infrastructure, resources and contract mining and is listed on the Johannesburg Stock Exchange. Its origins lie in modest construction projects in South Africa, but Aveng now operates in engineering, infrastructure development, construction and contract mining across Australia, New Zealand & Pacific Islands, Singapore, Philippines, Indonesia, Malaysia and South Africa.

It employs some 5 211 people and has an annual turnover in excess of R30 billion.

History

= Strategic review (2017-2019) =

After Aveng reported large losses in September 2017, the company's CEO resigned.{{Cite web|url=https://www.moneyweb.co.za/news/companies-and-deals/aveng-ceo-resigns-as-it-reports-massive-loss/|title=Aveng CEO resigns as it reports massive loss|date=27 September 2017|website=Moneyweb|accessdate=11 March 2023}} During the first half of FY2018, Aveng undertook a "robust strategic review" to fully evaluate their financial structure and operational performance to determine the key requirements for our medium- and long-term sustainability.{{citation needed|date=December 2022}} Aveng announced in 2019 a strategic plan that they would dispose of businesses that did not support the group's long-term strategy.[https://www.iol.co.za/business-report/companies/aveng-says-to-sell-non-core-assets-after-strategic-review-18864224 Ana Reporter, (18 January 2019), Aveng says to sell non-core assets after strategic review], Independent Online Retrieved 17 August 2019 Aveng intended to dispose of the Grinaker-LTA and Trident Steel operating divisions first, followed by the individual manufacturing businesses.{{citation needed|date=December 2022}} Aveng sold its rail business, Aveng Rail formerly known as Lennings Rail, in October 2018. Earlier, Aveng had announced it would also sell its Jet Park and Vanderbijlpark properties.{{Cite web|url=https://www.engineeringnews.co.za/article/aveng-to-sell-rail-business-to-mathupha-capital-for-r133m-2018-10-03|title=Aveng to sell rail business to Mathupha Capital for R133m|first=Terence|last=Creamer|website=www.engineeringnews.co.za|accessdate=11 March 2023}} Sean Flanagan was named CEO later in 2019, taking over from interim CEO Eric Diack, who returned to the role of chairperson.{{Cite web|url=https://www.engineeringnews.co.za/article/aveng-names-sean-flanagan-ceo-2018-12-20|title=Aveng names Sean Flanagan CEO|first=Mariaan|last=Webb|website=www.engineeringnews.co.za|accessdate=11 March 2023}} Aveng disposed of its Rand Roads business unit in July 2019.[https://www.engineeringnews.co.za/article/aveng-disposes-of-rand-roads-business-unit-2019-07-12 Aveng disposes of Rand Roads business unit] Engineering News It told Reuters in 2019 it was selling non-core assets to focus on mining by 2020.{{cite web | url=https://www.miningmx.com/news/markets/38232-aveng-to-focus-on-mining-once-non-core-asset-sales-completed-next-year/ | title=Aveng to focus on mining once non-core asset sales completed next year | date=30 August 2019 }}

= Divestitures (2020-2023) =

In relation to non-payment on a bridge project, Aveng lodged a claim against Eskom in April 2020.{{cite web | url=https://www.moneyweb.co.za/news/companies-and-deals/aveng-lodges-r40m-claim-against-eskom/ | title=Aveng lodges R40m claim against Eskom | date=15 April 2020 }} UBS Group AG became a 6.39% shareholder in Aveng in October 2021.{{cite web | url=https://www.news24.com/fin24/companies/industrial/swiss-investment-bank-ubs-bets-on-hobbled-aveng-20211007 | title=Swiss investment bank UBS bets on hobbled Aveng }} In February 2022, while maintaining its placement on the JSE, Aveng narrowed its offshore listings to only bourses in Singapore and Australia. The company at the time described its two remaining core businesses as McConnell Dowell and Moolmans. It stated it still intended to sell Trident Steel.{{cite web | url=https://www.engineeringnews.co.za/article/aveng-narrows-offshore-listing-focus-to-australia-and-singapore-2022-02-22 | title=Aveng narrows offshore listing focus to Australia and Singapore }} It completed that sale in October 2022.{{cite web | url=https://www.moneyweb.co.za/news/industry/aveng-turnaround-r700m-sale-of-trident-steel-a-major-milestone/ | title=Aveng turnaround: R700m sale of Trident Steel a 'major milestone' | date=6 October 2022 }} Aveng Trident Steel at the time supplied a wide range of products to the distribution, mining, construction and automotive industries from its steel processing service centers and warehouses, and its manufacturing and fabrication plants.{{citation needed|date=April 2020}}

Aveng completed a debt restructure and rights issue in March 2021.{{Cite web|url=https://www.iol.co.za/business-report/companies/aveng-concludes-successful-rights-issue-and-debt-restructure-aeeabd1b-ac35-40b7-bfc3-5eeb784a1d59|title=Aveng concludes successful rights issue and debt restructure|accessdate=11 March 2023}} In 2022, Sean Flanagan remained CEO of Aveng.{{cite web | url=https://www.businesslive.co.za/bd/companies/2022-08-23-watch-aveng-ceo-sean-flanagan-on-slump-in-profit/ | title=WATCH: Aveng CEO Sean Flanagan on slump in profit }} In 2022, Aveng lost arbitration involving penalties for missing construction deadlines regarding The Leonardo building in South Africa, concerning a contract from 2015 to 2019.{{cite web | url=https://www.businesslive.co.za/bd/national/2022-05-26-aveng-to-pay-penalties-for-missing-the-leonardo-deadline/ | title=Aveng to pay penalties for missing the Leonardo deadline }}

Business and divisions

=Core businesses =

Construction and Engineering

McConnell Dowell - a major engineering, construction and maintenance contractor, in the building, infrastructure and resources sectors in Australia, New Zealand and Pacific Islands, Southeast Asia and the Middle East.

Mining