Altron warns over discussions
JSE listed Allied Electronics Corporation (Altron) has cautioned shareholders that it remains in discussions and negotiations which could affect its share price.
The group is undergoing a restructure following a string of disappointing results in recent times, culminating in a loss for the year ended February 2015.
In December, Altron disposed of a 75% interest in Aberdare Cables, to Chinese firm Hengtong Optic – Electric for R1.23 billion.
Altron said it would use the proceeds of the sale to reduce group debt.
It also announced in December that its subsidiaries Altech and Bytes, would move to Altron’s head office in Parktown, Johannesburg.
On Monday, Altron advised shareholders that the company remains in discussions and negotiations, ‘which, if successfully concluded, may have a material effect on the company’s securities’.
The company also recently noted that negotiations between subsidiary, Powertech and Capitalworks, whereby Powertech would dispose of its PTSI business, were terminated at the request of the buyer.
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