Australia's Environmental Group rises on recycling systems contract

Environmental

18/03/2022 03:08

** Shares of Environmental Group Ltd  EGL.AX  rise as much
as 12.7% to A$0.310, mark their biggest intraday pct gain since
Feb. 25
    ** Co says it has been successful in a tender for the sale
of a recycling solution in Australia for construction and
demolition waste for a total value of A$49 mln ($36.11 mln)
 urn:newsml:reuters.com:*:nASX401qxq
    ** Says under the agreement, EGL is entitled to a sales
commission which will be recognised in stages over the term of
the contract
    ** Shares hit their highest since March 3
    ** Trading volumes 2.2 times the 30-day average of 378,822
shares
    ** As of last close, stock down 6.8% this year

($1 = 1.3569 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))