FIH Group Plc (AIM:FIH) shares jumped 21% to 130p after the specialist services company agreed to sell its loss-making fine art logistics business Momart for £7.6 million.
The cash deal with Compagnie Générale du Roumois is expected to complete on 30 September, subject to shareholder approval. Its Paris-based parent, Horus Finance, already owns several businesses operating in art logistics and storage.
FIH said most of the net proceeds were likely to be split between a return to shareholders and investment in its remaining division, Falkland Islands Company.
Momart provides transport, storage and installation services for fine art. It recorded an underlying pre-tax loss of £1.4 million in the year to March 2026, after the allocation of central costs, and had net assets of £2.1 million.
The proposed sale follows a strategic review launched in 2024 to explore ways to unlock value that the board believed was not reflected in FIH's share price.
Because the transaction represents a fundamental change to the business under AIM rules, it requires approval at a general meeting on 28 August. If rejected, Momart will remain part of the group.
Chief executive Stuart Munro described the disposal as "a positive transaction for the Group".
