The Competition Commission has approved JSE-listed Altron's disposal of Altech UEC, its set-top box manufacturing business, to Skyblu Technologies.
According to Altron, the approval marks the conclusion of Altron's disposal of assets, in which it had a controlling interest or fully owned that are no longer core to its strategy as a technology company.
Commenting on the approval, Altron Group CEO Mteto Nyati says: "I am pleased that the sale of Altech UEC was done in a considered manner and that Skyblu Technologies will carry on the legacy of a proudly South African company and continue to offer employment opportunities and services to customers.
"We will now focus on executing the One Altron strategy which is underpinned by cross-selling and selective acquisitions in our technology focus areas for growth in IOT, security, cloud services and data analytics. Our goal remains that of consistently delivering double-digit bottom line growth."
CBI-Telecom Cable, in which Altron has a joint venture with Reunert, is currently still held for sale.
Nyati took the leadership role at Altron in April 2017. He is pushing forward with plans to revitalise the company after a number of challenging financial years, including a loss of over R1 billion in total revenue for the year ended 29 February 2016.
Previous to Nyati's tenure, Altron was a family-controlled business before 83-year-old Bill Venter stepped down as chairman of the company he founded more than 50 years ago and his son Robbie departed as CEO. The move marked a new chapter in the firm's history.
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