Altron said Thobela would appeal the judgment in the Supreme Court of Appeal. “Shareholders are advised that Thobela has been granted leave to appeal the decision directly to the Supreme Court of Appeal. Shareholders will be updated regarding the outcome of the appeal at an appropriate time,” Altron said.
Altron’s share price gained 4.17percent on the news, to close at R25 on the JSE yesterday, up from Wednesday’s closing price of R24.
In July, the North Gauteng High Court set aside the contract between Thobela and City of Tshwane after alleged irregularities in awarding the contract were discovered.
Altron’s subsidiary, Altron Nexus, is involved as the primary network designer and architect, supplier of broadband equipment and related services, as well as being a minority shareholder in Thobela.