McConnell Dowell's parent company, Aveng Limited, released robust year-end results for financial year 2024, with a return to profitability and positive cash generation.
Aveng also announced that, after a strategic review, it intends to pursue, through a combination of transactions, the creation of two independent and separate entities: McConnell Dowell (including Built Environs) and Aveng Limited: which holds Moolmans, a tier 1 contract mining business operating in sub-Saharan Africa.
In the case of McConnell Dowell (including Built Environs), this will involve exploring a potential listing on the Australian Securities Exchange (ASX).
A potential listing on the ASX would be expected to improve McConnell Dowell's ongoing access to capital to facilitate continued growth of its service offering, for the benefit of customers.
There is no intended change to the fundamental way the business operates, nor the way in which the business interacts and conducts business with its customers, partners or suppliers.
Aveng has appointed advisers, including Macquarie Capital, to assist with the implementation process.
Read the full press release here.
About Aveng
Aveng is an engineering-led international contractor focused on infrastructure, building and mining, capitalising on the expertise and experience of McConnell Dowell, Built Environs and Moolmans.
Aveng is listed on the Johannesburg Stock Exchange. Code: JSE:AEG
