Australia's FOS Capital hits near 1-month high on KLIK Systems acquisition

FOS Capital

25/09/2023 03:33

** Shares of FOS Capital Ltd  FOS.AX  rise as much as 10% to
A$0.165, their highest level since Aug 28
    ** The lighting solutions provider enters a binding
agreement to acquire Sydney-based linear lighting manufacturer
KLIK Systems for A$3 mln ($1.93 mln)
    ** Says acquisition expands its market share in linear
lighting sector and provides a platform to consolidate
manufacturing operations for co's product line
    ** Says transaction is expected to be completed within two
weeks
    ** Co sees biggest intraday jump since Sept 1 
    ** FOS stock down 21.1% YTD, as of last close 
   

    ($1 = 1.5562 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))