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BRIEF-Allied electronics says to dispose 80% interest and all financing in Powertech Transformers Proprietary
November 15, 2017 / 2:16 PM / 9 days ago

BRIEF-Allied electronics says to dispose 80% interest and all financing in Powertech Transformers Proprietary

Nov 15 (Reuters) - ALLIED ELECTRONICS CORPORATION LTD :

* ‍ALTRON, THROUGH VARIOUS OF ITS SUBSIDIARIES ENTERED INTO SHARE SALE AGREEMENT WITH CONSORTIUM

* ‍ALTRON MAY PROVIDE POWERTECH TRANSFORMERS WITH A NEW 3-YEAR, R100 MILLION LOAN FACILITY ON COMMERCIAL TERMS AND SECURED AGAINST POWERTECH TRANSFORMERS’ PROPERTIES​

* ‍CONSIDERATION TO BE RECEIVED BY ALTRON GROUP AS A RESULT OF TRANSACTION IS R250 MILLION, PAYABLE IN CASH​

* THE AGREEMENT IS TO DISPOSE OF ALTRON GROUP‘S 80% INTEREST AND ALL FINANCING IN POWERTECH TRANSFORMERS PROPRIETARY LIMITED TO CONSORTIUM ON TERMS​

* ‍CONSIDERATION WILL BE USED TO REDUCE OVERALL ALTRON GROUP DEBT.​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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