Australia's Spirit Technology jumps on sale of fixed wireless infra assets

Infotrust

09/05/2022 02:01

** Shares of Spirit Technology Solutions  ST1.AX  rise up to
15.8% to A$0.088, post their biggest intraday pct gain since
Oct. 22
    ** IT and telecommunication services firm announces sale of
its wholesale fixed wireless infrastructure assets for up to
A$21 mln ($14.76 mln) to Melbourne-based Maret Group
 urn:newsml:reuters.com:*:nASX121Rhc
    ** Says it will retain end-to-end service ownership of the
business customers; both firms will develop new fixed wireless
products using Maret Group's spectrum assets 
    ** Spirit says proceeds expected to return over A$20 mln to
co's balance sheet in FY22
    ** Says it is also undertaking an internal transformation
project to reduce costs
    ** Stock hits its highest level since April 29
    ** About 1 mln shares change hands, compared with the 30-day
average volume of 612,000 shares
    ** ST1 down about 68% this year, as of last close 

($1 = 1.4231 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))