Australia's Close The Loop gains on acquiring U.S. firms

Close The Loop

17/03/2023 01:09

** Shares of Close The Loop  CLG.AX  rise as much as 13.6%
to A$0.375, set for bet day since Nov. 16, 2022, if gains hold
    ** Recycling solutions firm says it entered agreement to
acquire U.S.-based electronics refurbisher and trading platform
businesses, ISP Tek Services LLC and Captive Trade Corp for $66
mln
    ** Says acquisitions will provide co with consumer and
commercial electronics remanufacturing and technological
capabilities with considerable U.S. market sales
    ** CLG says it has completed a placement to raise A$45 mln
($29.97 mln) to help fund the acquisitions
    ** Stock at its highest level since March 6
    ** Stock down ~14% this year as of last close
 


($1 = 1.5015 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))