Jasco announced on Friday (20 December) that discussions to disinvest its interest in M-TEC have been delayed due to unexpected executive management changes at Taihan Electric Wire.<\/p>\n
“Accordingly, shareholders are advised that caution is no longer required to be exercised by shareholders when dealing in the Company\u00b4s securities…shareholders will be advised as the position develops,” Jasco said.<\/p>\n
In August, Jasco noted that it was in talks with Korean shareholder, Taihan Electric Wire Company, over the sale of its 51% share in M-TEC.<\/p>\n
In September, Jasco reported a loss for the year ended June 2013, as the company saw itself in the midst of a three-year restructuring plan.<\/p>\n
The restructuring plan included the exit from M-TEC, which has continued to drag on the IT player’s profitability.<\/p>\n
Despite breaching the R1 billion revenue mark in 2013, Jasco reported a pre-tax loss of R93.5 million for the year ended June 2013.<\/p>\n
\u201cThe group has made good progress, with the current year\u2019s focus being on corrective action. This resulted in decisive action in the under-performing areas of the business, which impacted the results,\u201d it said at the time.<\/p>\n
The corrective action taken resulted in the strategic exit from certain manufacturing businesses.<\/p>\n
Jasco swings to full-year loss<\/a><\/strong><\/p>\n Jasco targets LTE growth<\/strong><\/a><\/p>\n Jasco sees profits fall amid restructure<\/strong><\/a><\/p>\n