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.<\/p>\n
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.<\/p>\n
“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.”<\/p>\n
By way of explanation for the deal, Altron said that Powertech is no longer core to its business.<\/p>\n
“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.<\/p>\n
“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.<\/p>\n
The effective date of the disposal is 31 July 2018.<\/p>\n