JSE-listed construction and engineering group Aveng maintains that both its operational update issued last month and this week’s trading statement are “factually accurate and aligned”. This follows Aveng’s shares plunging more than 17% in afternoon trade on the JSE on Monday to close at R22 a share on the day, after the share price weakened by as much as 35% at one point following the group’s publication of its latest half-year trading update.
He said that in the prior period, there was a R450 million fair value gain and one of the two different concepts of IFRS 5 is that if you hold an asset for sale, it is valued at fair value less cost to sell and any movements in that asset value are recognised through a fair value loss or gain line item in the income statement. “That was fully disclosed and separately identified and pointed out to the market in our results for the half year in the prior period,” he said.
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