Australia's Alpha HPA sees best day in almost eight months on stake sale deal with Orica

Alpha HPA

14/11/2022 01:31

** Shares of Alpha HPA Ltd  A4N.AX  jump as much as 19.3% to
A$0.620, post their biggest intraday pct gain since March 16 
    ** Aluminium miner says executed a subscription agreement
with Orica Ltd  ORI.AX  
    ** Says will raise about A$19.8 mln ($13.26 mln) by selling
5% equity in co to Orica
    ** Says Orica to subscribe about 45 mln shares at A$0.44 per
share, a discount of 15.4% to stock's last closing price on Nov
11
    ** Says also signed a memorandum of understanding with Orica
for a new manufacturing facility in North America
    ** Says new manufacturing facility to produce high-purity
aluminium products
    ** Alpha HPA shares touch their highest since May 5 
    ** Orica shares rise as much as 2.4% to A$15.460, highest
since Aug 31
    ** Alpha HPA stock had fallen 5.8% this year, as of last
close    
($1 = 1.4932 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))