Altron disposes of Powertech Transformers for R250m
JSE-listed Allied Electronics (Altron) has reached an agreement to dispose of its 80% interest in Powertech Transformers to a broad-based black economic empowerment consortium for R250-million.
The consortium comprises European transformer manufacturer SGB-SMIT and local black-owned company Power Matla Group.
Power Matla already has a 17.5% stake in Powertech.
The transaction forms part of Altron’s strategy of shedding noncore assets, CEO Mteto Nyati said in a statement on Wednesday.
The deal remains subject to certain conditions, including regulatory approvals.
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