Years after starting a process to sell its non-core assets, JSE-listed technology group Altron has received regulatory approval to dispose of the last company it had a controlling interest in which it had ring-fenced for sale.
The group said on Tuesday that it has received approval from the Competition Commission to sell Altech UEC, its set-top manufacturing business, to Skyblu Technologies.
“The approval marks the conclusion of Altron’s disposal of assets, in which it had a controlling interest or fully owned, that are no longer core to its strategy as a technology company,” it said in a statement.
“I am pleased that the sale of Altech UEC was done in a considered manner and that Skyblu Technologies will carry on the legacy of a proudly South African company and continue to offer employment opportunities and services to customers,” said Altron CEO Mteto Nyati.
“We will now focus on executing the One Altron strategy, which is underpinned by cross-selling and selective acquisitions in our technology focus areas for growth in the Internet of things, security, cloud services and data analytics. Our goal remains that of consistently delivering double-digit bottom-line growth.”
CBI-Telecom Cable, in which Altron has a joint venture with Reunert, is currently still held for sale.
Altron shares were trading up 0.8% at 3pm on Tuesday at R18.65 each. They have added 56.1% in value in the past 12 months. — (c) 2019 NewsCentral Media