Altron concludes sale of Powertech Transformers

Altron has taken another big step in shedding its legacy industrial assets as the JSE-listed technology group transforms into an ICT-focused business.

It said on Thursday that it has finalised the disposal of its 80% stake in Powertech Transformers to a broad-based black economic empowerment consortium made up of European transformers company SGB-SMIT and the black-owned Power Matla Group in South Africa.

The effective date of the disposal is 31 July 2018.

“The conclusion of the disposal of Powertech Transformers is an achievement for my executive leadership team and me. We will now invest our time on what matters most and apply renewed focus on driving key levers of our strategy which will fast-track our growth,” said Altron CEO Mteto Nyati in a statement.

“In selling this asset, which is no longer core to our business, we considered the commercial interests of Altron and those of South Africa. We have ensured that the customers of Powertech Transformers, especially Eskom, continue to receive high-quality and consistent, if not better, services. For them, it will be business as usual.”

Altron’s share price was trading unchanged at R14.80 shortly after markets opened on Thursday. Over the past year, the share has added 21.3%.  — © 2018 NewsCentral Media