Australia's ECS Botanics jumps on deal to sell Tasmanian unit

ECS Botanics Holdings

24/10/2022 01:25

** Shares of Australia's ECS Botanics  ECS.AX  rise as much
as 14.3% to A$0.024, their highest since Oct. 14
    ** The hemp-based food maker enters into a binding share
purchase agreement to sell its Tasmanian unit to Blue Buffalo
Pty Ltd  urn:newsml:reuters.com:*:nASXr9bQm
    ** Says sale price of Tasmanian assets is A$3 million 
($1.91 million)
    ** Adds net proceeds from sale will be used to fund
continued expansion at Victorian Medicinal Cannabis facility
    ** Stock posts its biggest intraday pct gain since Oct. 7
    ** Stock has fallen 32.3% this year, as of last close
($1 = 1.5713 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))