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CSF Group shares jump as long awaited sale nears completion
Data centre management firm CSF Group has granted Bridge Data Centres Malaysia Holdings an extension to complete the share sale and purchase agreement of CSF CX Sdn Bhd.
The two parties are working to complete the agreement by 31 May after the purchaser, Bridge Data Centres Malaysia Holdings, requested additional time to deal with the final regulatory steps of the process.
The disposal was originally reported by CSF Group in September.
AIM traded company CSF Group reported in November that the agreement has seen CSF Group's subsidiary CF International Limited transfer its shareholdings in CSF CX in exchange for approximately £0.34m, conditional on its completion.
Despite the extended deadline for the finalisation of the agreement, all previous arrangements remain in place.
Following the completion of the agreement, CSF Group is anticipating the receipt of banking facilities and rental deposits worth approximately £1m, at current exchange rates, in connection with its CX2 and CX5 data centres.
Furthermore, the company commented in September that it would continue with its core maintenance and data centre design and development business, with a particular focus on its CX1 facility in Malaysia which has a total net floor area of approximately of 45,500 square feet and has been operational since 2003.
As of 1325 BST, CSF Group's shares were up 14% at 1.43p.