COMS.L Share News (COMS)

Communications services developer Coms has reached an agreement to sell its telecoms division to Timico for up to $3.5m.In a statement released on Tuesday, Coms said that Timico will initially pay £2.5m, with an additional £1m payable depending on the performance of the business, adding it will use the proceeds to reduce its overdraft facility.Coms, which upon completion of the deal will be comprised of its remaining infrastructure business Redstone and London video production company Darkside Studios, will retain two leasehold properties occupied by its telecoms division.The company said it believed the sale of the business was in the best interest of its shareholders and that it intended to capitalise on accelerating growth in the construction industry, with a particular emphasis on the smart buildings sector.Meanwhile, Coms confirmed that the process to recruit a new chief executive was underway and it was in negotiations with a number of candidates, following the resignation of former CEO David Breith in March.Coms shares were up 29.23% to 0.840p at 10:21 on Tuesday.