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Home » Proposed disposal to Hengtog: Fulfilment of all outstanding conditions precedent

Proposed disposal to Hengtog: Fulfilment of all outstanding conditions precedent

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Release Date: 
28 June 2016

Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
Share code: AEN ISIN: ZAE000191359

(“Altron” or “the Company”)

 

-    PROPOSED DISPOSAL BY POWER TECHNOLOGIES PROPRIETARY LIMITED
     (“POWERTECH”) OF 75% OF ITS 70% EQUITY INTEREST IN ABERDARE
     CABLES PROPRIETARY LIMITED (“ABERDARE CABLES”); AND

-    PROPOSED DISPOSAL BY ABERDARE CABLES INTERNATIONAL HOLDINGS
     PROPRIETARY LIMITED (“ABERDARE INTERNATIONAL”), A WHOLLY OWNED
     SUBSIDIARY OF POWERTECH, OF 100% OF ITS EQUITY INTEREST IN
     ABERDARE HOLDING EUROPE B.V. (“ABERDARE EUROPE”),

     TO HENGTONG OPTIC – ELECTRIC INTERNATIONAL CO. LIMITED
     (“HENGTONG”): FULFILMENT OF ALL OUTSTANDING CONDITIONS
     PRECEDENT


Altron shareholders (“shareholders”) are referred to the announcements released by the
company on SENS on 3 December 2015 and 22 April 2016 respectively, regarding, inter
alia, the proposed disposal by Powertech of its aforesaid equity interest in Aberdare Cables
and the proposed disposal by Aberdare International of its 100% equity interest in Aberdare
Europe, to Hengtong (the “Disposal”).

Shareholders are advised that following receipt of formal notification from the Namibian
Competition Commission, Hengtong confirmed on 27 June 2016 that all conditions
precedent pertaining to the Disposal have now been fulfilled or waived, as the case may be,
and the Disposal has now become unconditional with an implementation date of 30 June
2016.


Johannesburg
28 June 2016


Sponsor
Investec Bank Limited

Date: 28/06/2016 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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