Australia's Foresta hits near 2-week high on 10-year supply contract

Foresta group

20/12/2023 03:10

** Shares of pine chemicals supplier Foresta Group  FGH.AX 
rise as much as 16.7% to A$0.014, their highest since Dec. 8
    ** Co's unit Foresta NZ signs a binding 10-year supply
agreement with Tailored Energy Resources 
    ** Says deal to supply up to 65,000 tonnes of torrefied wood
pellets per annum     
    ** Adds with current market sales rate, deal has a projected
value of NZ$229 mln ($143.42 million) over the 10-year term 
    ** Stock down 40% YTD, as of last close

($1 = 1.5967 New Zealand dollars)

 (Reporting by Megha Rani in Bengaluru)
 ((Megha.Rani2@thomsonreuters.com;))