Australia's Corporate Travel Management surges on security guarantee release from IATA

Corporate Travel Management

Tue 02:38

** Shares of Corporate Travel Management CTD.AX surges as much as 28.2% to A$3.180, logging its biggest intraday pct gain since late March 2020
** Stock logs its highest level since September 3
** Business travel management services co says that the International Air Transport Association confirmed it has proceeded to release the A$65 million ($45.32 million) security guarantee provided by the firm 
** Company says the security guarantee restores its previous settlement cycles 
** Adds, restoration of the previous arrangements is expected to improve its  working capital by nearly A$30 million



($1 = 1.4341 Australian dollars)

 (Reporting by Tejas Harish in Bengaluru)
 ((tejas.harish@thomsonreuters.com;))