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BAS Group divests 100% interest in CCS Group

HAMILTON, Bermuda – 27 July 2020 – In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited, (the"Company"; Ticker: BAS.BH), announced that it has entered into a transaction to sell its interest in CCS Group.  The filing stated:

 

Bermuda Aviation Services Limited (“BAS” or “the Group”)  has announced that it has entered into a transaction to sell its interest in CCS Group (“CCS”), a wholly-owned subsidiary of BAS.   Bermudian companies, EEG Bravo Limited and Celeritas Limited partnered to acquire CCS. 

 

The divestiture of CCS will allow BAS to further prioritize and reinforce efforts in BAS’ remaining core business areas, which include Facilities Management, Elevator, and Automotive services.  BAS will target it’s focus to improve shareholder value, position the Group for long term growth, and strengthen the Group’s balance sheet.

 

This strategic decision follows BAS’ most recent announcement in which it acquired the minority shareholding in another of its subsidiaries, BAS-Serco, making it a wholly-owned subsidiary of BAS.   BAS has since rebranded BAS-Serco to BAS Facilities Management Ltd.

 

David Pugh, Bermuda Aviation Services Limited Chairman, states, “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.

 

There will be no changes to the current CCS management structure.

 

-Ends-

 

 

Notes to Editors

 

 

 

BAS Group

 

BAS is a holding company with multiple subsidiaries providing a myriad of services that are distinct in nature, but are also strategically complementary and synergistic. Companies in the group include: BAS FM, Otis, Weir Enterprises, and Eastbourne Properties Limited.

 

EEG Bravo Limited is a privately-held holding company.

 
 

Celeritas Limited is a privately-held investment company that owns a 50% stake in TeleBermuda International Ltd. and is a subsidiary of the Mayfair Group.

 

 

For further information please visit: www.bas.bm.

 

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