Australia's BSA posts record jump on divestment of business

BSA

23/11/2022 01:19

** Shares of BSA Ltd  BSA.AX  advance as much as 66% to
A$0.080, a record intraday pct gain
    ** The technical services contractor says it has divested
its APS Maintain business to NYSE-listed CBRE Group  CBRE.N  for
A$20 million ($13.30 million) in cash  urn:newsml:reuters.com:*:nFWN32I2RT
    ** Says divestment will enable co to focus on the
telecommunication, utility and major fire construction sectors
    ** Says proceeds of divestment of about A$18 mln will be
used to increase working capital to meet operational costs
    ** Shares hit highest since June 6; rises for third straight
day 
    ** Stock has fallen 78.9% this year as of last close
($1 = 1.5033 Australian dollars)
 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))