16 - 27 15 20 21 - 25 26 - 27 26 - 60 26 - 36 37 - 51 37 - 42 43 - 44 45 - 46 41 - 51 9 10 10 12 13 13 15 15 16 16 17 52 - 60 61 - 62 63 - 73 64 ia 20 22 22 65 - 72 25 I.. . A/45/552 English Ptxge 11 55 per cent of aharee both in the former ITT subsidiary, Standard Telephone end Cables, and in the former subsidiary of the United Stetea electronics and radio group, Motorola, now called Alcom Syat8me. Among Altech’cl electronic and telecommunication goods, one product is famouer a high frequency twO-Wey radio which is a favourite of the South African eecurity forcee. Altech’s liet of well-known customers include the South African Reserve Dank, the Council for Scientific and Industrial Research, the South African Transport Service8, the Department ?I yoreign Affairs, and the Post Offiae. Bimiler to Altech ere the resourcef- ! :nining-finance howee and national saving institutions in South Africa which have been intimately involved in such lucrative acquisitions. In ehort, Borne of these dieinveeting multinetionala have not entirely disappeared from South Africai on the contrary, the former eubeidiaries in reality remain firmly rooted on the spot through ingenious devices such as voluntary mergers and easy acquiaitione. (b) Sela 24. This form of sale has been employed in 36 cases, or 11 per cent of the disinve+ments reported for South Africa. The normal process of a menagement buy-out is for the new management to raise 8 ioan frm an investment bank, usually with the assietance of the parent company, and then to use it to purchaee a controlling intereet in the subsidiary. In South Africa, however, the practice bae often been for the dieinvesting companies themselvee to carry 
**Analysis**
The text appears to be discussing the economic activities of companies in South Africa, specifically the acquisitions and mergers of companies in the telecommunications and electronics industries. The text mentions the involvement of international companies and the role of the South African government and institutions in these transactions.

**Category**
Industry, International trade