Australia's Macmahon gains on selling mobile equipment at Queensland project

Macmahon Holdings

12/04/2024 04:31

** Shares of mining services provider Macmahon Holdings  MAH.AX 
rise as much as 3.2% to A$0.243
    ** Co says it has agreed to sell a substantial portion of
its mobile equipment fleet at the Dawson South project in
Queensland
    ** Says equipment was sold at market rates, which were at or
above book value
    ** Adds deal expected to result in net cash inflows of A$44
million ($28.8 mln) to be collected during FY24 and FY25
    ** Nearly 3.2 mln shares change hands, compared to the
30-day average volume of ~2.3 mln shares
    ** Stock up 27% this year, as of last close, vs a 2.9%
increase in the benchmark S&P/ASX 200 index  .AXJO 

($1 = 1.5298 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))