Altron goes ahead with potential separation and listing of Bytes UK subsidiary
Bytes UK CEO Neil Murphy said the company can now executive its growth strategy independently.
Altron has announced that it will be going ahead with the potential separation and listing of its UK subsidiary, Bytes Technology Group (Bytes UK) on the main market of the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange (JSE).
The technology group said in a statement that the Bytes UK management team would be conducting meetings with a number of institutions in the coming days in connection with the listing on the two stock exchanges.
Altron chief executive Mteto Nyati said during the group’s full-year results presentation in May that as part of its strategic review, the board had assessed each of the business units within the group to identify opportunities that have the potential to unlock further value for shareholders and to streamline operations.
Bytes UK CEO Neil Murphy highlighted that listing the company separately would allow it to execute on its growth strategy independently, enhance its market profile and brand recognition and lastly, widen employee ownership and incentivisation. He said that the company had continued to trade well during Covid-19, with trading slightly ahead of the management’s expectations.