JSE-listed Allied Electronics Corporation Limited (Altron) says it has finalised the disposal of its 80% interest in Powertech Transformers to a B-BBEE consortium comprising of SGB-SMIT, and local black-owned Power Matla Group.
Mteto Nyati, Altron Group chief executive said: “The conclusion of the disposal of Powertech Transformers is an achievement for my executive leadership team and I.
“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.”
By way of explanation for the deal, Altron said that Powertech is no longer core to its business.
“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.
“Through this acquisition SGB-SMIT injects foreign direct investment into our economy and brings international expertise, while Power Matla has a deep understanding of the South African energy market. Together these two companies bring a wealth of experience and knowhow that is sure to propel Powertech Transformers into its next growth phase,” Nyati said.
The effective date of the disposal is 31 July 2018.