Reunert Acquires Majority Shareholding In ATC
REUNERT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1913/004355/06)
Share Code: RLO
ISIN: ZAE000005914
("Reunert")
REUNERT ACQUIRES MAJORITY SHAREHOLDING IN ATC
[Johannesburg, 16 September 2002]
Reunert today announced that it has acquired Marconi Plc`s 51% share in South
African telecommunications cable manufacturer ATC (Pty) Ltd for an undisclosed
price. Although the transaction is subject to the fulfilment of a number of
suspensive conditions, Reunert will take immediate management control.
On completion of the transaction, Reunert will own 79% of ATC. The 21% share
held by African Cables Limited in ATC will remain unchanged. Reunert owns 50% of
African Cables Limited, a power cable manufacturer based in Vereeniging.
The new shareholding arrangements are an important step in facilitating the
introduction of a black economic partner in ATC. Reunert is expected to
announce more details on this deal shortly.
ATC has been experiencing difficult trading conditions following the downturn in
the telecommunications industry worldwide. However, Reunert chief executive
Gerrit Pretorius is confident that market conditions will improve in the longer
term and that ATC will be a valuable asset going forward.
For more information contact
Carina de Klerk
Communications Manager
Tel: +27 11 517 9000
Direct: +27 11 517 9033
Mobile 083 631 5743
Date: 16/09/2002 11:52:58 AM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
