Australia's Close The Loop rises to 3-1/2-month high on US-based unit sale

Close The Loop

20/05/2026 01:41

** Shares of electronic goods refurbisher Close The Loop CLG.AX rise 59.1% to A$0.035, their highest level since February 4

** Company announces sale of its Texas-based ISP Tek Services LLC for $10 million

** Says proceeds from sale to be used to retire $16 million of outstanding debt

** Says company is in advanced discussions with potential financiers and lenders to refinance residual debt facilities of $19.5 million

** Sees FY27 EBITDA between A$14 million ($9.94 million) and A$16 million

** Stock down 15.8% YTD including moves in current session

($1 = 1.4085 Australian dollars)

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)

 ((Jasmeenaraislam.Shaikh@thomsonreuters.com;))