Kobus Verster, the chief executive officer, of South African construction firm Aveng will resign with immediate effect after the company reported a wider full-year loss the firm announced on Tuesday.

“Eric Diack, current Executive Chairman, will assume the duties of CEO until such time as a new CEO has been appointed,” the firm said in a statement.

The company said headline loss per share for the year to the end of June fell to 1,625 cents per share compared with a loss per share of 75.2 cents at June 2016.

In addition Reuters reported that the company saw a headline loss of R6.4 billion decrease from R299 million at June 2016​.

Despite limited growth in mining and energy sectors, outlook remains positive​