{"id":211145,"date":"2017-11-16T08:56:53","date_gmt":"2017-11-16T06:56:53","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=211145"},"modified":"2017-11-16T08:56:53","modified_gmt":"2017-11-16T06:56:53","slug":"altron-sells-shares-in-powertech-for-r250-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/technology\/211145\/altron-sells-shares-in-powertech-for-r250-million\/","title":{"rendered":"Altron sells shares in Powertech for R250 million"},"content":{"rendered":"

JSE-listed Allied Technologies Limited (Altron) has announced that it plans to sell its 80% stake in PowerTech Transformers for R250 million.<\/p>\n

The shares are being sold to a consortium which comprises of European\u00a0transformer\u00a0manufacturer\u00a0SGB-SMIT, and local black-owned company\u00a0Power\u00a0Matla Group.<\/p>\n

In a shareholder statement released on Wednesday, Altron confirmed that the decision was made as it no longer saw PowerTech as a\u00a0core asset and was better suited for further business development under a third party.<\/p>\n

This will enable Altron to focus on its core operations within the ICT sector going forward, the group said.<\/p>\n

The value of the net assets to be disposed of as at 31 August 2017 amounted to R110 million.<\/p>\n

For the six months ended 31 August 2017, Powertech Transformers generated revenue of R522 illion, EBITDA loss of R51 million and a loss after tax of R69 million.<\/p>\n

The deal remains subject to certain conditions, including regulatory approvals.<\/p>\n

\n

Read: Altron partners with Tango Telecom for data monetisation solutions<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

JSE-listed Allied Technologies Limited (Altron) has announced that it plans to sell its 80% stake in PowerTech Transformers for R250 million.<\/p>\n","protected":false},"author":10,"featured_media":51695,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9878],"tags":[309],"class_list":["post-211145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-altron"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/211145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=211145"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/211145\/revisions"}],"predecessor-version":[{"id":211151,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/211145\/revisions\/211151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/51695"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=211145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=211145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=211145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}