Australia's Inventis rises after unit acquires Electronic Circuit Designs

Inventis

09/02/2022 04:16

** Shares of diversified technology co Inventis Ltd  IVT.AX 
jump as much as 20% to A$0.120, their biggest intraday pct gain
since Nov. 26
    ** Says Inventis Technology Pty Ltd has signed a Heads of
Agreement to acquire Electronic Circuit Designs Pty Ltd, an
elevator controller manufacturer  urn:newsml:reuters.com:*:nFWN2UJ190
    ** Co anticipates over-all acquisition cost including all
assets to be about A$5 mln  ($3.58 mln)
    ** Adds proposed acquisition is earning accretive and has
synergy benefits to the group 
    ** Stock hits highest since Dec. 13
    ** More than 180,000 shares have changed hands, compared
with the 30-day average of about 42,000 shares 
    ** Stock flat this year as of last close 
    



($1 = 1.3966 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))