Together the three companies provide a range of radio communication and fleet management services and solutions to clients in the Southern African region.
The transaction has been entered into with Southern Palace Group of Companies (Proprietary) Limited (“Southern Palace”), an industrial holding company with investments in telecommunications, transport, automotive, equipment manufacturing, steel and scrap metal recycling.
Altech CEO Craig Venter says the announcement of the deal is proof of Altech’s commitment to transformation within the South African business environment.
“Altech regards transformation as fundamental to the long-term development and stability of the South African economy and is committed to ensuring that broad-based black economic empowerment is pursued and implemented throughout the company and we embrace the role it can play in helping to redress historical racial imbalances in the economy of South Africa.”
Venter says the transaction will result in a long term and mutually beneficial relationship with Southern Palace.
“Extending share ownership will accelerate transformation and build on the progress we have made across other areas of black economic empowerment. Each partner is able to add value while being complimentary to each other in terms of their skills set and business record.”
Lucas Tseki, CEO of Southern Palace, says, “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.”