AECI divests public water division, concludes Much Asphalt sale
AECI LIMITED (JSE:AFE) is strategically reshaping its business portfolio, announcing the disposal of its Public Water division and the successful conclusion of the sale of Much Asphalt. The Public Water business will be acquired by a South African majority black-owned special purpose vehicle, with Nsukutech Proprietary Limited as the controlling shareholder and Junaco (T) Limited as a minority shareholder. This transaction is expected to streamline operations and optimize AECI's portfolio by disposing of non-core assets. Furthermore, AECI finalized the sale of its 100% shareholding in Much Asphalt for a purchase consideration of R1 100 million, effective December 31, 2024. The funds will be utilized in line with AECI's capital allocation framework. These moves align with AECI's strategy of concentrating on core businesses, specifically AECI Mining and AECI Chemicals, and improving the performance of these core businesses. The Public Water divestment is subject to customary conditions, including regulatory approvals.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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