Australia's MaxiPARTS hits over 2-wk high on stake in peer

Maxiparts

02/05/2023 03:46

** Shares of Australia's MaxiPARTS Ltd  MXI.AX  rise as much
as 2.2% to A$2.30, highest since March 16
    ** Stock eyes best day since April 19, if current gains hold
          
    ** Independent commercial vehicle parts distribution co says
it will acquire an 80% stake in Förch Australia
    ** Förch Australia is a distributor of workshop consumables,
predominately focused on automotive and commercial vehicle
workshops
    ** Says acquisition for an estimated A$9.7 mln ($6.43
million) cash for 80% ownership stake 
    ** Adds, acquisition being funded via cash and an amendment
to MXI's debt facility with the Commonwealth Bank of Australia  
    ** Stock has risen 11.4% this year, as of last close


($1 = 1.5081 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))