Australia's Envirosuite gains as Hitachi Construction plans $6.8 mln investment

Hitachi Construction Machinery

02/09/2024 01:41

** Shares of Envirosuite  EVS.AX  rise as much as 22.2% to
A$0.055, their highest levels since July 25
    ** The environmental intelligence technology co says Hitachi
Construction Machinery  6305.T  to invest A$10 mln ($6.77 mln)
at A$0.058 per share to acquire 12% equity in co and become its
largest single entity shareholder
    ** Subscription price of A$0.058 represents a premium of
28.9% to co's last close
    ** Envirosuite says investment will help fund the strategic
collaboration agreement between the two companies to pursue ESG
and net zero opportunity in mining
    ** Stock has fallen 42.3% this year, as of last close

    ($1 = 1.4775 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))