JSE-listed Allied Electronics Corporation Limited (Altron) today announced that it has finalised the disposal of its 80% interest in Powertech Transformers Proprietary Limited (Powertech Transformers) to a B-BBEE consortium comprising of Europe’s number one medium-sized manufacturer of transformers, SGB-SMIT, and local black-owned Power Matla Group.
Commenting on this significant milestone for the company which is on its new path as an ICT focused business, 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. 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.”
“In selling this asset, which is no longer core to our business, we considered the commercial interests of Altron and those of South Africa. 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. 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 added.
The effective date of the disposal is 31 July 2018.