Australia's Health and Plant Protein rises on acquiring stake in U.S. firm

Health and Plant Protein

16/02/2021 02:38

** Shares of Health and Plant Protein Group  HPP.AX  rise as
much as 1.5% to A$0.350
    ** Ginger and macadamia-based products maker says completed
further due diligence and agreed to acquire up to 24% stake in
U.S.-based EVR Foods, Inc (LAVVA) with staged investments
 urn:newsml:reuters.com:*:nASX3cSs2v
    ** Says it will acquire stake for total investment of up to
US$5 million 
    ** Says co is co-investing in LAVVA with food innovation
fund S2G Ventures and on completion of investments, they will
have combined controlling stake of 60.5%
    ** HPP says first investment completed today and further
staged investments to follow on completion of key milestones,
including co assuming management of LAVVA business
    ** Stock has risen 27.8% this year, as of last close
    
  

 (Reporting by Vasudha Kaukuntla in Bengaluru)
 ((Vasudha.Kaukuntla@thomsonreuters.com))