BAS Group To Sell Interest In CCS Group

July 27, 2020

In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services announced that it “has entered into a transaction to sell its interest in CCS Group.”

The filing stated: “Bermuda Aviation Services Limited 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.”

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  1. thetruth says:

    Wonder what happen to the company BESCO. We haven’t heard anything about that.