Aveng Infrastructure and Resources has finalized the sale of Trident Steel, a steel solutions company, for R1.22 billion. With the sale of Trident completed, Aveng’s South African legacy debt has been fully extinguished, from a previous high of R3.3 billion.
Specifically, the transaction proceeds have been partially used to fully settle the remaining South African legacy debt of R278-million and to fully settle the Trident Steel short-term trade finance facility of R450-million.
Trident Steel’s management has successfully refocused the company into a service center business largely focused on the automobile sector, according to an Aveng statement dated May 3. Aveng revealed its aim to simplify its company, de-risk its balance sheet, and decrease debt in February 2018.