VENTERS HAND OVER ALTRON REINS
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.