Jumbuck said it decided to sell the assets after a strategic asset review led by new CEO David Gibbs.
“Our corporate strategy has changed significantly in the past six months,” Gibbs said. “Following a review of our business and portfolio we took a decision to divest non-core assets that do not fit within our global mobile communities.”
He added that the company plans to use the proceeds to look for new opportunities in core markets.
JMB shares are today unchanged at $0.180, while CRZ shares are currently 0.59% lower at $5.060.