ALTECH RESPONDS TO COMPETITION COMMISSION RECOMMEN
ALTECH RESPONDS TO COMPETITION COMMISSION RECOMMENDATION
ALLIED TECHNOLOGIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/020415/06)
Share Code ALT
ISIN ZAE000015251
("Altech" or "the company")
MEDIA RELEASE
ALTECH RESPONDS TO COMPETITION COMMISSION RECOMMENDATION
Allied Technologies Limited, Altech, says it is surprised at the recommendation
of the Competition Commission against its acquisition of NamITech, which has
been made public by the Commission.
The Chief Executive Officer of Altech, Craig Venter, said in response to the
recommendation that the final ruling on the acquisition was in the jurisdiction
of the Competition Tribunal and that he was confident with regard to the due
process taking its course.
"Although Altech does not as a general policy make public through the media its
issues where the law is concerned, I sincerely believe that the acquisition is a
commercial necessity," said Venter. "This being the case, I must say that I was
taken aback by the recommendation, bearing in mind what we consider there to be
a fairly minimal overlap of activities involved between existing Altech
subsidiaries and NamITech and, furthermore, the highly competitive environment
currently existing in this segment of the market."
Venter said that an additional consideration was the importance of South Africa
developing an internationally competitive smart card and related technologies
capability which required critical mass. He confirmed that he had respect for
the Tribunal and had noted recent rulings regarding similar large proposed
mergers. "I can also confirm that I feel confident and that both Altech and
Nampak (NamITech) will be able to oppose the recommendation by the Commission on
substantive merits."
Johannesburg
7 October 2003
ENDS.
Information from : Ken Slade
Altech Media and Investor Relations Officer
Date: 07/10/2003 03:32:17 PM Supplied by www.sharenet.co.za
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