Australia's Close The Loop jumps as co buys thermal paper supplier

Close The Loop

26/07/2022 04:52

** Recycling solutions firm Close The Loop Inc  CLG.AX 
jumps as much as 6.3% to A$0.425, its highest since July 11
    ** Co buys Alliance Paper, a Queensland-based thermal paper
supplier and sustainable paper products group, with investment
in working capital of about A$4.5 mln ($3.13 mln)
    ** CLG says deal to enhance revenue and profitability levels
in FY23, with Alliance expected to grow revenue to A$19.7 mln in
FY23 from A$11.7 mln in FY22
    ** Deal to further CLG's "strong position in the sustainable
paper product sector"
    ** More than 161,000 shares change hands, vs the 30-day
average volume of 74242 shares
    ** CLG stock up 33.3% this year, as of last close

     ($1 = 1.4358 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((rishav.chatterjee@thomsonreuters.com))