Ethos Exits Remaining Investment In IST
Ethos confirms that it has sold its interest in IST Dynamics to BAE Systems for an undisclosed sum.
IST’s Power/Telecoms division was sold to Powertech, a wholly owned subsidiary of Altron in 2007 for R505 million and the sale of the IST Nuclear division to Westinghouse, for an undisclosed sum, followed shortly thereafter.
Since acquiring a controlling interest in the company in 2004, Ethos partnered closely with the IST management whose strategies resulted in a focus on building three independently strong core businesses which became very attractive to trade buyers.
Ethos chief executive, AndrÃ¨ Roux said: “We are proud to have been associated with IST over the investment period and to have contributed to building IST into a stronger group of businesses since its delisting from the JSE. We are very pleased that the Power/Telecoms business has reemerged on the JSE as a division within the listed Altron Group and that the other businesses attracted major global buyers with the resultant foreign investment inflows to South Africa.”