Powertech, a wholly owned subsidiary of Altron, has entered into binding agreements with Hengtong regarding the sale of a controlling equity stake in Aberdare Cables South Africa and a 100% equity stake in Aberdare Europe, comprising its Spanish and Portuguese operations, for approximately R1,2-billion in cash.
Celebrating the signing of the agreement (from left: Neil Kayton, Genliang Cui, Robert Venter and Dr. Anmin Gao).
The agreement was signed by Genliang Cui, Hengtong’s chairman and Robert Venter, Altron’s CEO in Johannesburg recently. Also present were Neil Kayton and Dr. Anmin Gao, Powertech’s and Hengtong’s respective CEOs.
Powertech will retain a 17,5% interest in Aberdare Cables’ South African operation for a period of about two years at which time Hengtong will purchase the balance of the company at the same valuation as the initial transaction.
This transaction excludes the CBI Electric, Aberdare ATC Telecom Cables joint venture in which Aberdare Cables holds a 50% equity stake, and the 49% equity stake in Alcon Marepha which has been sold separately for R19-million.
Contact Chris Van Zyl, Altron Group Services, Tek 011 205-7969, cvanzyl@altech.co.za
