Jasco Trading, the wholly-owned subsidiary of the Jasco Electronics Holdings, has cancelled its sale of business agreement with African Zaibatsu Corporation. Before the cancellation, the deal involved the 100% acquisition of the Electrical Manufacturers Division by African Zaibatsu Corporation for R65-million. Jasco Trading intended to use the proceeds of the transaction to improve its working capital and repay debt obligations. The company manages the Electrical Maunfacturers Division which does contract manufacturing of components to mostly the domestic appliance industry in South Africa.
Jasco Electronics Holdings (“Jasco”) is a South African company that delivers smart technologies across multiple disciplines such as telecommunications, Information Technology and the energy sector. The company has the in-house design, engineering and manufacturing capability to meet the demand of its customers and operates in South Africa and East Africa. Jasco is listed on the Johannesburg Stock Exchange with a market capitalization of R57-million as at 24 June 2020.