Unihold Group has announced that it has completed its repositioning and restructuring with the disposal of its last industrial interests to a management led consortium in a deal worth R51 million.
Gary Harlow, managing director of Unihold Limited, says the ownership of Unique Engineering, Walro Flex, Rely Precision Castings, Balance Engineering and OH Equipment will be transferred with effect from June 30.
Harlow says the disposal will dispel perceptions that Unihold is an unfocused conglomerate. "We are now a focused IT and Communications group with significant international interests, strong growth prospects and turnover exceeding a billion rand. We will shortly apply to be re-listed in the IT sector on the JSE."
John Butler, managing director of the industrial division and head of the consortium, believes the deal brings to an end uncertainty that has prevailed since Unihold announced its repositioning programme as a focused Information and Communication Technology group.
"This has come a bit earlier than we expected, but now that the deal has been completed we can go on with our business. The disposal means we have access to companies that can currently be developed as well as ones that are more mature," notes Butler.
"The restructuring comes by no means as a surprise since we started with plans two years ago. All the people concerned were kept in the loop and as to my knowledge, there is no dissent among the employees," concludes Butler.
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