Altech to delist in August
JSE-listed Allied Electronics Corp (Altron) says it anticipates delisting Allied Technologies (Altech) on 20 August 2013.
Altron made an offer through its wholly-owned subsidiary, Altron Finance Proprietary Limited, to acquire the entire issued ordinary share capital of Altech in May.
The move has been widely expected by the market following a poor run of results from Altech.
Altron will pay R47.50 in cash for every Altech Share. It already owns a 62% stake in Altech.
A general meeting of Altron shareholders will be held on 26 July 2013 to vote on the proposal.
The aim of the transaction is to create a single listed point of entry into the Altron Group, and simplify the corporate and operating structure.
According to Altron, the Altech brand will remain in place, while management structures have as yet not been finalised.
In midday trade on the JSE, Altech advanced 0.64% to to R45.80.
More on Altron and Altech
Altech delisting expected in July
Altron to take full control of Altech
Altech shares yo-yo ahead of Altron results
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