NZ's Cavalier Corp hits 5-month high on plans to transform business

Bremworth

23/07/2020 01:17

** NZ's Cavalier Corporation Ltd  CAV.NZ  rises as much as
22.73% to NZ$0.270, its highest since Feb. 21
    ** The carpet maker unveils plans to transform to an
all-wool and natural fibres business  urn:newsml:reuters.com:*:nNZW3Y3BB1
    ** Says funding options are currently being evaluated, with
financial benefits of the transformation strategy and return to
profitable growth expected from FY23 onwards
    ** Adds while the focus will initially be on woollen carpets
and rugs, co will also be seeking out other partnerships where
it can leverage its design and manufacturing capabilities
    ** Stock eyes best day since March 30

 (Reporting by Shruti Sonal in Bengaluru)
 ((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26))