{"id":14988,"date":"2012-09-27T04:58:08","date_gmt":"2012-09-27T02:58:08","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/update-1-altech-to-sell-west-africa-unit-as-profit-plunges\/"},"modified":"2012-09-27T04:58:08","modified_gmt":"2012-09-27T02:58:08","slug":"update-1-altech-to-sell-west-africa-unit-as-profit-plunges","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-altech-to-sell-west-africa-unit-as-profit-plunges\/","title":{"rendered":"UPDATE 1-Altech to sell West Africa unit as profit plunges"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* To sell 75 pct stake in Altech West Africa<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* First-half earnings down 19 pct<\/p>\n<p><span><\/span><\/p>\n<p>* Shares down nearly 7 pct<\/p>\n<p> (Adds details)<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, Sept 26 (Reuters) &#8211; South Africa&#8217;s Allied<br \/>\nTechnologies said on Wednesday it had agreed to sell<br \/>\nits majority stake in its money-losing Nigerian business, its<br \/>\nlatest attempt to stem losses from outside its home market.<\/p>\n<p><span><\/span><\/p>\n<p>The telecom and IT firm, which also reported a 19 percent<br \/>\nfall in first-half profit, has been trying to turn around<br \/>\nmoney-losing business in both East and West Africa.<\/p>\n<p><span><\/span><\/p>\n<p>Altech last year replaced the head of its underperforming<br \/>\nKenyan data unit and named a new team to lead its east African<br \/>\noperation. Sorting out that business was a &#8220;top priority&#8221;, it<br \/>\nsaid at the time.<\/p>\n<p><span><\/span><\/p>\n<p>Altech said in a statement it had agreed to sell its 75<br \/>\npercent in Altech West Africa, which produces vouchers for<br \/>\nmobile network operators and has been losing money for the last<br \/>\n18 months.<\/p>\n<p><span><\/span><\/p>\n<p>It did not give further details of the deal.<\/p>\n<p><span><\/span><\/p>\n<p>The company reported diluted headline earnings of 123 cents<br \/>\nper share for the six months to end-August, from 153 cents in<br \/>\nthe same period a year earlier.<\/p>\n<p><span><\/span><\/p>\n<p>Shares of Altech closed down nearly 7 percent before the<br \/>\nannouncement, underperforming a nearly 2 percent decline in the<br \/>\nbroad All-share index.<\/p>\n<p> (Reporting by David Dolan; Editing by Ed Cropley)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* To sell 75 pct stake in Altech West Africa * First-half earnings down 19 pct * Shares down nearly 7 pct (Adds details) JOHANNESBURG, Sept 26 (Reuters) &#8211; South Africa&#8217;s Allied Technologies said on Wednesday it had agreed to sell its majority stake in its money-losing Nigerian business, its latest attempt to stem losses [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14988","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14988"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14988\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}