BUZZ-Telit: Shares up as co divests automotive division

** Internet of things (Frankfurt: 7IT.F - news) company Telit's shares up 5 pct at at 4-month high

** Co agrees to sell automotive division to TUS International for $105 mln

** Co to use proceeds to reduce its net debt; co has gone from a net cash position in 2015 to more than $30 mln in debt at the end of 2017, according to Reuters data, after a series of corporate governance and accounting issues

** The deal is "very good value" for one of Telit’s fastest-growing but least profitable operations, according to house broker finnCap

** Broker adds the cash received by Telit will eliminate company's current debt and provide great security and working capital for future growth

** Stock still down more than 50 pct from an all-time high hit in mid-2017, before a series of profit warnings and its CEO stepping down after he was found to have been a fugitive in a US mortgage fraud case