Aveng, Biggest South African Building Group, Rises on Dividend, Order Book

Aveng Ltd. (AEG), South Africa’s largest construction and engineering company, rose in Johannesburg trading after its order book increased and the company maintained its dividend.

The shares closed 0.7 percent higher at 33.52 rand as of 5 p.m. The benchmark FTSE/JSE Africa All Share Index declined 2.1 percent.

The order book rose 19 percent to a record high of 37 billion rand ($5.2 billion), the Johannesburg-based company said in a statement. More than half of the order book is from Australasia, Chief Executive Officer Roger Jardine said by phone from Johannesburg today. Aveng will pay a final dividend of 1.45 rand for the year through June, the same amount as a year earlier.

“The nice, stable dividend and the positive order book,” is helping to boost the shares, Dirk Noeth, an analyst at Avior Research Ltd., said by phone from Cape Town.

Aveng increased capital expenditure by 54 percent to 1.82 billion rand in the year and had cash of 5.4 billion rand at the year end.

To contact the reporter on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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