Australia's De.mem tracks worst day in over two years on discounted placement

DE.Mem

28/07/2022 02:04

** Shares of water treatment solutions provider De.mem
 DEM.AX  fall as much as 13.5%
    ** Co receives commitments for about A$3 mln ($2.10 mln) in
a placement at an issue price of A$0.14 per share (https://bit.ly/3bal1GZ)
    ** Placement priced at a discount of 24.3% to Wednesday's
close
    ** Co says capital raised will be used to fund acquisition
of the remaining 25% ownership in its German unit, among others
    ** Shares to mark worst day since March 19, 2020, if losses
hold
    ** Stock had fallen ~18% this year, as of last close 
($1 = 1.4314 Australian dollars)

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
7022132226;))