Disposal of Trident Steel completed for total cash proceeds of R1,2 billion

Highlights:

• Aveng Africa Proprietary Limited has completed the sale of Trident Steel for a total cash inflow of R1,222 million, which includes R700 million in purchase consideration, R264 million net cash retained by Aveng, and R183 million of additional liquidity refund.
• Aveng Africa Proprietary Limited provided a short-term BBBEE loan of R210 million to subscribe for 30% in the equity of the Business, and the loan will be recognised by Aveng as a short-term receivable.
• The sale of Trident Steel has allowed Aveng Africa Proprietary Limited to de-risk its balance sheet by terminating over R500 million in ancillary trade finance facilities, fully settle its remaining South African legacy debt of R278 million, and fully settle the Trident Steel short-term trade finance facility of R450 million.