Australia's Emeco slumps on customer payment recovery issue

Emeco Holdings

14/10/2022 05:57

** Emeco Holdings' shares  EHL.AX  falls as much as 12.9% to
A$0.775, its worst intraday pct drop since May 2020
    ** Mining equipment provider says unit Pit N Portal owed
about A$32 mln ($20.3 mln) by a customer, which has stopped all
activities at its site
    ** Says unit not in dispute with (unnamed) customer and
engaged for discussions over timing of payment
    ** More than 2 mln shares change hands, vs the 30-day
average of 659,000 shares
    ** EHL top percentage loser in the ASX All Ordinaries index
 .AORD 
    ** Stock on track to end the week 7.5% in red, worst since
mid-June if losses hold
    ** EHL up marginally so far this year, as of last close, vs
a 12.1% decline in the ASX All Ordinaries index  .AORD  
 
 ($1 = A$1.5800)
 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))