BAS sells CCS Group to Bermudian firms
Bermuda Aviation Services Ltd has sold its subsidiary, IT services and consulting firm CCS Group.
Bermudian companies EEG Bravo Ltd and Celeritas Ltd partnered to acquire CCS, BAS said in a Bermuda Stock Exchange filing yesterday.
“The divestiture of CCS will allow BAS to further prioritise and reinforce efforts in BAS's remaining core business areas, which include facilities management, elevator, and automotive services,” the filing stated.
“BAS will target its focus to improve shareholder value, position the group for long-term growth, and strengthen the group's balance sheet.”
Last month, BAS announced it had acquired the minority shareholding of another subsidiary, BAS-Serco, making it a wholly-owned subsidiary, and changed its name to BAS Facilities Management Ltd.
David Pugh, chairman of BAS, said: “On behalf of the board of directors, I am pleased to announce the significant changes occurring within the group and look forward to enhancing our shareholder value through a focus on profitable growth and margin improvement.”
The statement added that there would be no changes to the CCS management structure.