Australia's Infragreen rises to 3-1/2-month high on buyback plan
BUZZ-Australia's Infragreen rises to 3-1/2-month high on buyback plan ** Shares of Infragreen IFN.AX rebound sharply, surge up to 17% to A$0.55, their highest point since February 19
** Earlier in the session, stock was down 3.7%
** The waste processor plans a share buyback of up to A$10 million ($7.10 million), set to launch on June 12, as part of its capital management strategy
** Flags its share price underperformance as misaligned with asset value, following a review of options to unlock shareholder value
** Says that following the review co's near-term roadmap now focuses on portfolio optimisation, buyback, among others
** Stock down 28.1% YTD
($1 = 1.4085 Australian dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))
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