AusGroup in advanced talks for sale of certain assets; suspends trading

MAINBOARD-LISTED AusGroup is in discussions with several parties for the potential sale of certain assets and businesses. It has also suspended the trading of its shares following a halt called on Nov 7.

Although these talks are at an advanced stage with indicative draft terms, the integrated service solutions provider said there is no assurance that any sale will materialise, it said in a bourse filing on Thursday (Nov 10).

As the group’s board is also in talks with management over the company’s financial position, it has recommended that AusGroup’s shares be suspended from trading.

“As the board and management are still in the midst of ascertaining the situation, a trading suspension would also provide market certainty and avoid market confusion,” the group said.

AusGroup shares last traded at S$0.009 on Nov 4, its lowest since AusGroup went public in 2005. 

On Tuesday, the group announced the resignation of Christian Johnstone as chief financial officer, effective Feb 6, 2023. Johnstone, who has held the role since 2016, is leaving to pursue other career opportunities, AusGroup said in a bourse filing.

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The group has seen some changes surrounding its C-suite management in the past week. On Tuesday, it announced the resignation of Christian Johnstone as chief financial officer, effective Feb 6, 2023. Johnstone, who has held the role since 2016, is leaving to pursue other career opportunities.

The move comes days after AusGroup said Shane Kimpton will step down as managing director of the company, but remains as chief executive to focus on operational matters and issues pertaining to the company and at the group-level.