Australia's Fiji Kava hits near three-week high on exclusive distribution deal

Calmer International

08/02/2023 24:56

** Shares of Fiji Kava Ltd  FIJ.AX  rise as much as 44.4% to
A$0.013, highest since Jan 19
    ** Stock sees best day since June 24, 2022, if gains hold 
    ** Medical Kava co says unit South Pacific Elixirs signs
exclusive distribution agreement for Taki Mai brand covering 17
countries 
    ** Adds agreement targets minimum sales of A$11 mln ($7.65
mln) to retain exclusivity over an initial three-year term
    ** Separately, co says it will not proceed with its
acquisition of Leilo Inc, a kava brand in the United States 
    ** More than 14 mln shares change hands, compared with the
30-day average volume of about 1.5 mln shares
    ** Stock had fallen 40% this year, as of last close
($1 = 1.4372 Australian dollars)
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))