Power Technologies (Powertech), a subsidiary of the Altron Group, on Monday announced the sale of 25,1% of the equity in its subsidiary Battery Technologies to Kagiso Trust Investments.
The company said the deal was structured in two parts with Kagiso purchasing an initial stake of 20%, followed by a further stake of 5,1% to increase its stake in Battech to 25,1% effective from March 1.
Powertech will retain its majority stake of 74,9% in Battech.
CEO of Powertech Norbert Claussen said: “Powertech welcomes the joint venture with Kagiso, a company with impeccable credentials and an extensive business network based on established relationships with some of Battech’s major customers.
“Given their involvement in other operations and their numerous investments, Kagiso will also be able to contribute their financial and operational expertise, thereby adding substantial value to the business,” he said.
Battech is one of South Africa’s suppliers in the highly specialised field of stationary and back-up power systems in the ICT sector.
Its product portfolio includes stationary valve regulated lead acid type batteries, rectifiers and other integral components to the telecommunications, uninterruptible power supplies and emergency power markets in South and Southern Africa. Battech’s head office is in Gauteng with branch offices in Cape Town, Durban and Port Elizabeth.
Kagiso Trust is a non-profit organisation in the field of finance and management of community-based development projects. Since its inception in 1986 it has invested more than R1-billion in grassroots community development projects and granted more than 40 000 bursaries to university students. — I-Net Bridge