Australia's EML Payments gains after sale of loss-making business

EML Payments

14/03/2024 23:36

** Shares of EML Payments  EML.AX  rise as much as 10.6% to
A$1.25, their highest since Nov 10, 2023
    ** The payment solutions firm announces sale of its
Sentenial Ltd business including its Nuapay services business
for A$54.1 mln ($35.59 mln)
    ** Co says sale also allows it to simplify its
organizational structure and provides additional funds to
strengthen balance sheet
    ** Adds Sentenial business was determined to be non-core to
the EML's operations as it is unprofitable, with projected A$2
mln loss in FY24
    ** Stock up 43% YTD, as of last close

   ($1 = 1.5200 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))