January 18, 2019 / 6:06 AM / 6 months ago

South Africa's Aveng sells water treatment engineering business

JOHANNESBURG, Jan 18 (Reuters) - South African construction company Aveng Ltd said on Friday it had sold its water treatment engineering business to a black-owned investment company, partially held by the unit’s managing director, for 95 million rand ($6.92 million).

The sale of Aveng Water to Infinity Partners, via a special purpose vehicle, comes as part of Aveng’s efforts to focus its strategy and dispose of non-core assets.

South Africa’s construction companies have been hurt by years of stagnant economic growth, which has hobbled public infrastructure spending, prompting some to sell assets and file business rescues, similar to U.S. Chapter 11 bankruptcy.

$1 = 13.7229 rand Reporting by Emma Rumney; Editing by Rashmi Aich

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