Altech units get BEE partner
Johannesburg - Telecoms group Allied Technologies (Altech) (ALT) has unveiled a 25% + 1 share black economic empowerment (BEE) transaction in relation to three of its subsidiaries.
The subsidiaries are Altech Alcom Matomo, Altech Alcom Radio Distributors and Altech Fleetcall.
Altech has created a new holding company for the Altech sub-group in terms of which Southern Palace will acquire a 25% + 1 share equity stake in the holding company.
Southern is an industrial holding company with investments in telecommunications, transport, automotives, equipment manufacturing, steel and scrap metal recycling.
Altech CEO Craig Venter said the deal was proof of the group's commitment to transformation.
Southern Palace CEO Lucas Tseki said: "Southern Palace is proud to be associated with the Altech Group and is confident that the new partnership will go a long way to positively impacting the South African radio communications environment."
The three subsidiaries provide a range of radio communication and fleet management services and solutions to clients in southern Africa.