R400m

VENTERS HAND OVER ALTRON REINS

Finweek English Edition - - THE WEEK -

In­vest­ment firm Ven­ture Cap­i­tal Part­ners (VCP) will in­vest R400m in Altron, giv­ing it a 15% stake, Busi­ness Day re­ported. As part of the deal, the Ven­ter fam­ily will re­tain its 17.8% eco­nomic in­ter­est in Altron, but will re­duce its vot­ing rights to 25.1%, from 57% pre­vi­ously. Bill Ven­ter, who founded the group 51 years ago, and his son Rob­bie will step down as chair­man and CEO re­spec­tively, but re­main as non-ex­ec­u­tive di­rec­tors, the pa­per said. An­a­lysts said the deal will be good for mi­nor­ity share­hold­ers, and the share price ral­lied as much as 20% af­ter the an­nounce­ment was made on 6 De­cem­ber.

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