InvestSMART

Comms Group Ltd (ASX:CCG)

ALERT: Price-sensitive ASX Announcement for CCG
Current share price for CCG : $0.089 0.015 (20.27%)+
Announcement
Release
29 Jun 2026 8:24AM
Price at Release
$0.074
Full Release
download
Summary
Comms Group Limited announced the sale of its OnPlatinum IT Managed Services division to efex for A$30 million. This strategic divestment, including an upfront payment of A$28.5 million and A$1.5 million held in escrow, is aligned with Comms Group's focus on core business areas such as cloud communications and telecom services. OnPlatinum, acquired in 2022, contributed significantly to Comms Group's portfolio by expanding managed IT services. The transaction is expected to streamline operations and bolster the company's balance sheet, providing the flexibility needed for further growth and capital return to shareholders. Transition services will be offered post-sale to maintain continuity for stakeholders. Further financial implications will be detailed in the company's upcoming market update.
Key Points
  • Comms Group Limited sold OnPlatinum IT Managed Services division for $30 million.
  • The buyer, efex, will pay $28.5 million upfront and $1.5 million in escrow for 12 months.
  • The sale aligns with Comms Group's strategy to focus on core cloud and telecom services.
  • The divestment aims to strengthen the company's balance sheet and enhance growth potential.
  • Comms Group will offer transitional services to ensure continuity post-sale.
  • OnPlatinum was acquired in 2022 for $12 million, enhancing IT services and market presence.
  • The transaction is expected to reduce revenue but streamline operations.
  • The company will provide further financial impact details in the next market update.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.