Altron asset sale plan pays off
Group has disposed off nonperforming businesses and will continue to sell more to focus on tech and telecoms
Alllied Electronics’ (Altron’s) turnaround strategy is yielding positive results as the group reverses a headline loss per share into earnings of 31c for the six months to August. The group had disposed off nonperforming assets and would continue to sell more businesses, including companies within its Powertech division to focus on the technology and telecommunications sector, where it had the "resources, competence and skills to leverage its competitive advantage", said CEO Robbie Venter. Its remaining operations will include Bytes Technology group of companies, Altech Netstar, and Altech Radio Holdings. The group, which was formed more than 51 years ago, was also transitioning from a family-owned business to an independently managed business, a process that would be implemented once it had achieved the sale of noncore entities. The disposals could take up to 12 months. Mvunonala equity analyst Matthew Zunckel said Altron was "finally headed in the right direction", having disposed...
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