Australia's IVE Group gains on buying packaging firm JacPak

Ive

25/10/2023 04:24

** Shares of IVE Group  IGL.AX  rise 4.3% to A$1.83, set for
best day since Oct 10, if gains hold
    ** Marketing co says it has signed binding agreement to
acquire fibre-based packaging co JacPak for A$35 mln ($22.36
mln)
    ** Says acquisition is expected to contribute positively to
earnings in FY24
    ** Says JacPak is expected to deliver EBITDA of around A$8.4
mln and net profit after tax of around A$3 mln after realisation
of synergies 
    ** Including Wednesday's gain, stock down ~22% YTD 

($1 = 1.5652 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))