Australia's Comms Group surges on sale of IT managed services division

Comms

29/06/2026 05:25

** Shares of Australia's Comms Group CCG.AX advance as much as 35.1% to A$0.1, hitting their highest level since May 2, 2022
** Shares log largest intraday pct jump since early August 2022
** Communications and IT solutions firm says it has entered a binding share sale agreement to divest its IT managed services division onPlatinum to Thinkex Holdings for A$30 million ($20.66 million)
** Says proceeds to be used to reduce debt and provide capital returns to shareholders
** About 3.4 million shares change hands, 13.3 times the 30-day average
** Stock up 32.6% YTD, including session's moves

($1 = 1.4518 Australian dollars)

 (Reporting by Subhalakshmi Dey in Bengaluru)
 ((Subhalakshmi.Dey@thomsonreuters.com;))