Australia's Spicers gains most in a week; divests Asian ops

Japan Pulp and Paper Co.,

27/09/2018 03:46

** Shares of Spicers Ltd  SRS.AX  rise as much as 3.8 pct to
A$0.06, their biggest intraday pct gain since Sept 20
    ** The packaging company says agrees to sell its Asian ops
to Japan Pulp & Paper Co Ltd for S$15 mln ($11 mln)  urn:newsml:reuters.com:*:nASX8cd0xP
    ** Co says sale allows it to retain the net cash balances in
the Asian ops upon completion of transaction
    ** More than 5 mln shares change hands vs 30-day average
volume of about 4.7 mln
    ** Stock has risen more than 51 pct this year as of last
close, compared with a 2.1 pct increase in the benchmark S&P/ASX
200 index  .AXJO  in the same period
 ($1 = 1.3655 Singapore dollars)

 ((Reuters Messaging:
abyjose.koilparambil.thomsonreuters.com@reuters.net))