Hundreds of Free Fully Accredited Data science learnerships up for grabs

Registrations open today for EXPLORE Data Science Academy’s (EDSA) 2021 intake of its 12-month fully-sponsored data science learnerships, starting January 11, 2021. For hundreds of successful...

Latest Posts

What To Expect From A Criminal Defense Lawyer?

If you feel like you or someone you know is stuck or trapped in a criminal case, it’s a good idea to hire a...

Chinese Smartphone Manufacturer Oppo Sets Up Shop in South Africa

Chinese smartphone manufacturer Oppo is investing in South Africa with local head office and a commitment to making world-leading innovations more accessible. Oppo is the...

SA’s Digital Heritage: Keeping Us Globally Relevant

South Africa’s heritage is not just physical. It is intimately part of the digital world. Digital connectively can enhance the value of that heritage,...

How is Huawei Powering Digital Inclusion with Technology in Africa?

Huawei believes that no one should be left behind in the digital world, so the Chinese telecoms giant developed TECH4ALL. TECH4ALL is a long-term, digital...

Altron sells Aberdare to Hengtong

Struggling technology firm Altron continues to clean up its balance sheet and on Thursday announced that it is in a process to sell its cable manufacturer business to Shanghai-listed Hengtong. By Gugu Lourie 


Altron said its subsidiary Powertech has entered into a binding heads of agreement with Hengtong to sell Aberdare Group.

As part of the transaction, Powertech will dispose of 75% of its shareholding in Aberdare Cables and Aberdare International will dispose of 100% of its shareholding in Aberdare Europe to Hengtong.

Alcon Marepha, CBI Electric Aberdare ATC Telecom Cables and Aberdare Cables Asia are  excluded from the deal.

The purchase consideration payable by Hengtong will be based on an equity value of R1 billion for Aberdare Group. Hengtong will also assume the Aberdare Group debt which amounted to R232 million as at 31 August 2015.

Altron said in a statement that Hengtong, the fourth largest cable manufacturer in China and among the top hundred largest cable manufacturers in the world, considers the Aberdare Group an attractive platform to expand its international business in those key markets where the Aberdare Cables operates, namely South Africa, Africa and Europe.

The technology firm added that the Aberdare Group will also be provided with access to the operating experience and financial backing of Hengtong plus insight into the strategies and workings of a market leading cable manufacturer.

The Aberdare Group – which was founded in 1946 – offers cable design, product development, as well as installation support, commissioning and diagnostic testing through its Engineering Services business.

Hengtong wants to tap into Aberdare’s international manufacturing and sales sites in Portugal, Spain, Namibia and Mozambique, which currently enables it to support its customer base in South Africa, Africa, Europe and South America. The deal is subject to competition approval in South Africa and China.

Hengtong will conduct a due diligence exercise on Aberdare by not later than 31 January 2016.

 

Latest Posts

What To Expect From A Criminal Defense Lawyer?

If you feel like you or someone you know is stuck or trapped in a criminal case, it’s a good idea to hire a...

Chinese Smartphone Manufacturer Oppo Sets Up Shop in South Africa

Chinese smartphone manufacturer Oppo is investing in South Africa with local head office and a commitment to making world-leading innovations more accessible. Oppo is the...

SA’s Digital Heritage: Keeping Us Globally Relevant

South Africa’s heritage is not just physical. It is intimately part of the digital world. Digital connectively can enhance the value of that heritage,...

How is Huawei Powering Digital Inclusion with Technology in Africa?

Huawei believes that no one should be left behind in the digital world, so the Chinese telecoms giant developed TECH4ALL. TECH4ALL is a long-term, digital...

Don't Miss

Enjoy a Revitalizing Weekend Away With The Whole Family at Knorhoek

Wide-open spaces are a great place to decompress after months of lockdown, and Knorhoek ticks all the boxes for the perfect country escape. Situated in...

Getting Smart With Gadget Shopping During An Extended Quarantine

Staying quarantined for a prolonged period is the last thing that anyone would want to do. But there’s hardly a choice for people amid...

Avon Disrupts the Norms to Create Addictive, Rebellious & Fierce “Far Away Rebel & Diva”

Avon breaks all the rules with Far Away Rebel & Diva. The new launch is the next step in the glamorous bold journey of...

Investec Says Union Must Seek Answers For Phantom Shares from Cell C

Investec has told the Information Communication Technology Union (ICTU) to direct its questions about the Believe Phantom Option Share Scheme for Cell C workers to the...

Union Asks If Blue Label Telecoms Is Using Cell C as a ‘Piggy Bank’

The Information Communication Technology Union (ICTU) wants Blue Label Telecoms to explain how the JSE-listed company can zero rate its stake in Cell C...

Stay in touch

To be updated with all the latest news, offers and special announcements.