A2B Australia hits over 3-year high on sale of property

A2B Australia

31/03/2023 01:52

** Shares of A2B Australia Ltd  A2B.AX  jump as much as
17.8% to A$1.520, hitting their highest level since Jan. 6, 2020
    ** The taxi service firm says it has exchanged contracts for
sale of its O'Riordan Street, Alexandria property to an entity
affiliated with Double Space Pty Ltd
    ** Says sale for A$78 mln ($52.38 mln)
    ** Expects net proceeds from sale after costs and repayment
of debt to be about A$73 mln
    ** Says currently intends to return net proceeds from sale
to shareholders as fully franked dividend by end of 2023
    ** Shares post their biggest intraday pct gain since April
30, 2020
    ** Volumes are 5.1x the 30-day average of 53,919 shares
    ** Stock has risen 21.7% YTD, as of last close 

($1 = 1.4890 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))