Altron: PIC offloads 6.19% stake in shares

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The Public Investment Corporation (PIC) had offloaded shares equivalent of a 6.19 percent stake in listed Allied Electronics (Altron), the latter company said yesterday. The state-owned PIC, the largest pension fund manager in Africa, now held 15.21 percent of Altron’s issued shared capital after disposing of about 15.7 million Altron participating preference shares in a series of transactions. Altron said the PIC had informed it on April 25 that the move was part of a share portfolio realignment exercise. The company is invested in telecommunications, multimedia, information technology and power electronics through its subsidiaries Allied Technologies, Bytes Technology Group and Power Technologies. Altron said last month it expected a rise of between 35 percent and 45 percent in headline earnings a share for the year to February. Earnings a share was anticipated to be between R1.78 and R1.98 compared with a loss of 99c a year earlier. Altron said it would publish results on May 14. The stock gained 0.21 percent to close at R24.40 yesterday. – Asha Speckman

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