ALT - Altech - Altech Welcomes Black Empowerment P
ALT
ALT
ALT - Altech - Altech Welcomes Black Empowerment Partner To Altech Alcom Matomo
Allied Technologies Limited
Member of the Altron Group
Incorporated in the Republic of South Africa
(Registration number: 1946/020415/07)
Share code: ALT
ISIN number: ZAE000015251
PRESS RELEASE: ALTECH WELCOMES BLACK EMPOWERMENT PARTNER TO ALTECH ALCOM MATOMO
Altech announced today that a black empowerment agreement was concluded which
affected its Altech Alcom Matomo subsidiary. This initiative saw a new BBBEE
equity partner introduced within the company.
Altech had previously announced that it had acquired the 30% interest in Altech
Alcom Matomo which was formerly owned by the Motoma ICT Group.
"We have enjoyed an excellent relationship with the Motoma ICT Group for several
years now and their contribution to the success of Altech Alcom Matomo is truly
appreciated" said Craig Venter, Altech CEO.
Venter added "The time had arrived to take the next step in ensuring that Altech
Alcom Matomo remains a truly South African company and maintaining it as a major
competitor in South Africa and Africa".
Altech approached Platina Venture Holdings, a consortium led by Dr Penuell
Maduna to become its BBBEE equity partner. Maduna`s consortium embraced the
opportunity and the transaction was successfully concluded on the 31st of March
2007.
Venter went on to say "We have worked closely with Dr Maduna for several years
now and we are extremely pleased to welcome him and Platina Ventures as our
equity partners".
Johan Van Zyl, MD of Altech Alcom Matomo also commented "Our company is the
premier player in South Africa in the arena of emergency services Digital Tetra
wireless networks and through our alliance with the world leader in two-way
radio communications, Motorola, our tie with Dr Maduna`s consortium will
significantly increase our opportunities in South Africa.
Van Zyl added "Altech Alcom Matomo has recently secured a significant contract
to supply state of the art tracking units to satisfy the Spoornet locomotive
tracking requirements. The company is also in the final stages of concluding a
R 540 million three year contract with the Gauteng South African Police Services
(S.A.P.S.). We believe that the equity partnership with Platina Ventures will
further enhance our current and future opportunities".
Ends
Altech is a broad-based global high technology listed company offering products
and services in the digital convergence space that lies at the intersection of
telecommunications, technology and multimedia.
FOR MORE INFORMATION PLEASE CONTACT:
JOHN REGAN: GROUP EXECUTIVE: MARKETING
TEL: (011) 715-9038
FAX: (011) 715-9044
CELL: 084 800 8008
EMAIL: jregan@altech.co.za
OR
PAULA EUGENIO: GROUP MANAGER: PR & MEDIA
TEL: (011) 715-9037
FAX: (011) 715-9044
CELL: 083 495 3806
EMAIL: peugenio@altech.co.za
Sponsor:Investec Bank Limited
Date: 20/04/2007 08:11:01 Produced by the JSE SENS Department.
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