Australia's Ambertech rises on AV equipment deal

Ambertech

02/11/2021 04:17

** Audio visual equipment distributor's shares  AMO.AX  rise
as much as 7.7% to A$0.42, biggest intraday pct gain since Oct.
18
    ** AMO signs agreement to acquire Connected Media Australia,
an audio visual distribution business for A$1.1 mln ($826,980)
 urn:newsml:reuters.com:*:nFWN2RS250
    ** Ambertech says acquisition will allow it to add brands
such as music streaming app RTI to its portfolio
    ** Company expects incremental revenue growth from deal of
A$2 mln to A$3 mln annually
    ** Stock hits one-week high; Company's shares have doubled
this year, as of last close 

 ($1 = 1.3301 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))