Hogan Lovells sheds light on business rescue in construction industry

In light of a struggling construction sector in South Africa and many companies going into liquidation or business rescue, and with the business rescue success rate only 10% on average for companies in South Africa, law firm Hogan Lovells says it is crucial for construction companies to carefully manage challenging conditions.

Hogan Lovells partner and business rescue and insolvency expert Alex Eliott tells Engineering News Online that a successful business rescue in South Africa typically takes between five and six months; however, according to chapter six of the Companies Act, it should take only three months.

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Aveng reports strong market interest in most of its noncore assets

Following a series of capital markets transactions, which have helped stabilise Aveng’s precarious balance sheet, the JSE-listed infrastructure group has turned its attention to the disposal, by June 2019, of several noncore businesses, including its well-known construction business, Grinaker-LTA. Executive chairperson Eric Diack reports that expressions of interest have been received for all of the companies up for sale, including Trident Steel, Dynamic Fluid Control, Automation & Control Solutions, Duraset, Infraset and Aveng Rail.

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Hyatt Hotels to more than double its Africa hotels by 2020

Hyatt Hotels Corp plans to more than double its hotels in Africa by 2020 to capitalise on improved travel links and robust economic growth that is boosting demand for rooms, the company’s regional vice president said on Wednesday. Hyatt currently has nine hotels in Africa but lags far behind rivals such as AccorHotels, which has more than 100 hotels in Africa and has earmarked $1-billion to invest in expansion on the continent.

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Three UCT lecturers participate in international Solar Decathlon competition

Thee lecturers from the University of Cape Town (UCT) are part of Team Mahali, the only team representing sub-Saharan Africa in the international Solar Decathlon competition, which will be held in Morocco next year. The Solar Decathlon is an international competition to design and build a fully functional, modular, net-zero-energy house that challenges teams to design and build a “green” house of between 55 m2 and 110 m2, powered only by solar energy and equipped with technically advanced building and energy technologies.

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Embattled South African construction firm Aveng reports wider FY operating loss

South Africa’s Aveng reported on Tuesday a wider annual net operating loss due to declining revenue in two business units in its manufacturing business as well as under-performance of three key contracts in its core mining Moolmans unit. After market close, the construction firm reported a net operating earnings loss of R401-million ($27.92-million) for the year ended June compared to an adjusted loss of R113-million in 2017.

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100 Resilient Cities ‘game-changer’ launched in Cape Town to tackle urban problems

Cape Town has felt the shock of the taps nearly running dry and the shock of floods. It has felt the chronic stress of crime and being the murder capital of the country. The daily stress of hours in traffic congestion and being stranded on trains. The stress of poverty and 450 000 people who want to work but cannot find jobs. Now Cape Town is looking at a different way of tackling these issues. Two years ago, Cape Town was selected with 99 other cities worldwide to be part of an international …

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Angola, IFC court South African investors

World Bank Group executive director for Angola, Nigeria and South Africa Bongiwe Kunene says a roundtable event taking place on September 24, will enable South African businesses and investors to explore the growth opportunities in Angola created as a result of the 2017 election of that country’s new President Joao Lourenco. The event, sponsored by the Angolan government and World Bank Group affiliate IFC, in Angola, is aimed at presenting business opportunities to the South African private sector.

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Pilot programme seeks to align artisan training with industry needs

The Centres of Specialisation pilot programme has been launched by the Department of Higher Education and Training (DHET) to develop a focused and industry-led apprenticeship structure for 13 priority trades needed for infrastructure development. The objective is to test the effectiveness of direct private-sector involvement in the training of artisans to ensure that up-to-date training, which fulfils the necessary practical experience requirements of their qualifications, is provided.

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Greater demand for transparency needed in African real estate industry

There is a growing acknowledgement of the central role that a transparent real estate sector plays in providing healthy, productive and competitive environments for communities and businesses, investment management company JLL global research head Jeremy Kelly said on Thursday. Market transparency, he explained to delegates at the ninth annual Africa Property Investment Summit and Expo, in Sandton, is the foundation which allows investors and corporate occupiers to operate and make decisions with confidence.

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Positive performance, outlook for construction industry

There has been a very good increase in the value of buildings completed in larger municipalities during the second quarter of this year, to the tune of almost 7%, which presents a recovery from the sluggish growth of the first quarter of the year, the latest Afrimat Construction Index (ACI) shows. The ACI is a composite index of the level of activity within the building and construction sectors and is compiled by economist Dr Roelof Botha on behalf of openpit mining company Afrimat.

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