Jasco shareholders have approved the disposal of the Pascom electronics division, the proceeds of which will help Jasco reduce debt.
The sale of the division, which Jasco says is not a material part of its core telecommunications business, was agreed to in October.
The division is being sold to Pascom management for R6.75 million.
Jasco, which posted a headline loss of R2.54 million for the six months to August, compared with headline earnings of R3.8 million a year earlier, has been selling off various non-core divisions to improve its debt levels.
Video Options, a closed circuit television products distributor, was sold to Elvey Security Technologies for R3.35 million last month.
The group says it is still in other talks that could affect its share price.
Despite the losses at the interim stage, Jasco has predicted a recovery in the second half and a profit for the full year.
Jasco`s share price was unchanged at 43c on the JSE by midmorning today. The share, which started the year at 215c, reached 260c, its highest close of the year in mid-January. It closed as low as 39c last month.
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