Altech shares soar over Altron offer

Shares in Altech have soared after Altron made an offer to acquire the firm, in spite of the company’s poor recent financial results.

The company’s shares fell earlier this month after it reported a ZAR1.54 billion (US$169 million) loss from operating activities, though the company claims it is now on the right track after disposing of its East and West African operations.

Altron now says it has offered to acquire the entire issued ordinary share capital of Altech. It already owns 62 per cent.

Shares in Altech jumped 27.94 per cent to R44 on the news, though Altron declined 2.15 per cent.

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