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The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Johannesburg - The share price of South African mobile telecommunications group Allied Technologies (Altech, ALT) fell more than 7% on Tuesday, after shareholders blocked an offer by parent company Altron to acquire a further stake in it.
On Monday, South African electronics group Allied Electronics
Corporation (Altron, ATN) said shareholders had not approved its offer to acquire the 38.2% of the issued ordinary share capital of its subsidiary Altech that it did not already own.
However, shareholders did give the thumbs up to Altron's offer to
acquire the 42.3% of the issued ordinary share capital of its other subsidiary, IT group Bytes Technology (BTG), that it doesn't already own.
The acquisitions were planned to create a single point of entry into the Altron Group and increase its exposure to its core activities, as well as simplify Altron's corporate and operating structure.
By 11:37 on the JSE, Altech's share had lost 7.64%, or R5.38, and it was trading at R65. Bytes' share was unchanged from its close of R18, and Altron's share was only 16c, or 0.35% lower, at R45.50.
- I-Net Bridge