Aveng eyes set on listing

Construction group mulls over having building business on Australian Stock Exchange and JSE.

- Roy Cokayne

JSE-listed construction and engineering group Aveng is to explore a potential listing of its infrastructure and building business McConnell Dowell on the Australian Securities Exchange (ASX) and JSE, but the fate of its South African-based open cast African mining contractors Moolmans is less clear.

Scott Cummins, the new CEO of Aveng, said Aveng Limited, the holding company, will "explore alternative ownership options and potentially introduce B-BBEE (broad-based black economic empowerment) capital" into Moolmans.

Cummins was guarded in his comments to Moneyweb on whether this meant Aveng could potentially fully dispose of Moolmans or whether it planned to retain a majority shareholding in the company.

"We need to look at all possible opportunities for Moolmans," he said.

"It's clear that there are two essential things that Moolmans needs (if it is) to be able to prosper in the future - capital for their growth and also B-BBEE direct ownership in some form or fashion.