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Bytes SA share buy-back concluded

Robert Venter

Robert Venter

Photo by Duane Daws

2nd July 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Allied Electronics (Altron) subsidiary Bytes SA’s buy-out of 27% of its issued share capital from a consortium led by Kagiso Strategic Investments has become effective after all conditions precedent were met.

Following the R669-million share buy-back, Altron now owns 100% of Bytes SA.

Since the delisting of Altech in August 2013 and the formation of Altron Telecommunications, Multimedia and Technology (TMT) – a combination of the Altech and Bytes businesses – the Altron group has been in a position to review all its broad-based black economic-empowerment structures to align Altron TMT and Altron Power, where the Powertech operations were housed, and streamline and elevate the group.

“Altron is moving from being an investment holding company to an operating entity. In our new structure, we are not only able to run the business more efficiently but also provide better products, services and solutions to our customers,” Altron CEO Robert Venter commented in May when the share buy-back was first announced.

Edited by Creamer Media Reporter

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