The group has been on a mission to dispose of its non-core assets in its manufacturing operations and focus on its information technology and telecommunications business.
It said certain conditions precedent to the transaction were being attended to, and the parties had mutually agreed on an extension for the transaction to close by July 31.
“Altron has been provided with additional contractual assurances from the purchaser with regard to their commitment to finalising this transaction,” the group said.
It is not the first time that Altron has announced a disposal of non-core assets in Powertech. In December last year it also entered into an agreement to dispose of its Powertech System Integrators business to Capitalworks Private Equity Advisor or its nominee for a purchase price of R140million exclusive of value added tax.