Australia's ARC Funds rises as co plans to buy 25% stake in Magnum Funds

Arc Funds

03/11/2021 01:20

** Shares of ARC Funds Ltd  ARC.AX  rise up to 4.4% to A$59,
their biggest intraday pct jump since Oct 18
    ** The fund manager enters binding agreement to buy 25%
stake of Sydney-based Magnum Funds Management  urn:newsml:reuters.com:*:nASXbtfn4k
    ** ARC will overlook the distribution and marketing strategy
and invest a minimum of A$200,000 ($148,540.00) over two years
    ** Stock touches its highest levels since Oct 27
    ** About 52,000 shares change hands, compared with the
30-day average volume of 16,000 shares
    ** Stock risen nearly five fold YTD

    ($1 = 1.3464 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))