Picture: REUTERS
Picture: REUTERS

Services group CSG Holdings said on Friday it would sell parts of its underperforming security business, 7 Arrows, to Fidelity for R65.85m.

The group is selling part of the armed response and monitoring business of 7 Arrows, and part of its residential guarding business.

“As a result of the review of underlying operations, and considering the negative return on investment of 7 Arrows over the last two years, certain of the 7 Arrows business segments were considered to be noncore to the future strategy of the company,” CSG said.

In afternoon trade on Friday, CSG’s share price was down 14.29% to 12c, having lost 47.83% so far in 2020.

gernetzkyk@businesslive.co.za