Australia's GUD Holdings rises on divestment of water products unit

Amotiv

07/08/2023 03:41

** Shares of GUD Holdings Ltd  GUD.AX  rise as much as 2.9%
to A$10.270, hitting their highest level since July 27
    ** Australian automotive co announces divestment of Davey
Water Products to Waterco Ltd  WAT.AX  for a total enterprise
value of A$64.9 mln ($42.74 mln) 
    ** Adds anticipated net cash proceeds from divestment will
be used to pay down debt
    ** GUD to focus purely on automotive business upon
completion of divestment
    ** Stock had risen 31.7% this year, as of last close,
compared with a gain of 4.1% in the S&P/ASX 200 index  .AXJO  

($1 = 1.5186 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))