Australia's Amaero gains most in 3 weeks on lease amendment at US facility

Amaero

19/09/2023 04:04

** Shares of Australian manufacturing services firm Amaero
International  3DA.AX  rise as much as 8.6% to A$0.190, their
biggest intraday gain since Aug 29
    ** Co says it re-designed its 9,300 sqm manufacturing
facility in Tennessee, U.S. to accommodate installation of
Titanium atomizer plants
    ** Amends lease to cancel construction of 2,800 sqm high-bay
extension
    ** Amendment reduces 3DA's annual rent from A$2.1 mln ($1.35
mln) per year to A$1.5 mln, and cuts down its expense by A$15
mln
    ** Expects installation of Titanium atomizer to begin in
April 2024, three months earlier than announced
    ** Around 479,267 shares traded, compared with the 30-day
average volume of 275,320
    ** Amaero stock up 9.4% YTD, as of last close

    ($1 = 1.5550 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com;))