Australia's Ambertech eyes best day in over 1 month on Convoy agreement

Ambertech

10/01/2023 23:55

** Shares of Ambertech  AMO.AX  rise as much as 4.8% to
A$0.33, set for their best day since Dec 9, 2022, if gains hold
    ** The audio-video solutions distributor says it has reached
an agreement to acquire the distribution business of Convoy
International Pty
    ** Says acquisition is anticipated to be in the range of
A$2.8 mln ($1.93 mln) to A$3 mln
    ** Expects initial incremental revenue growth from the
transaction to be A$4 mln to A$5 mln annually
    ** Stock hits highest level since Dec 22, 2022
    ** More than 92,000 shares change hands, vs the 30-day
average of about 42,000 shares 
    ** AMO shares down ~13% in 2022
     ($1 = 1.4512 Australian dollars)
 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))