Mayfield Group sees best day in more than 6 months, buys ATI Australia

Mayfield group

03/09/2021 02:57

** Shares of the Australian electrical product manufacturer
 MYG.AX  jump 12.99% to A$0.435 — their biggest intraday pct
gain since Feb. 26
    ** Stock at its highest since July 22
    ** Co buys remaining 60% stake https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02417357-2A1321202?access_token=83ff96335c2d45a094df02a206a39ff4
 in ATI Australia Pty Ltd to make the telecommunication system
provider its wholly-owned subsidiary 
    ** MYG says A$1.952 mln ($1.44 mln) deal is an investment in
the trend in digitisation of electrical infrastructure
    ** Co to pay for the purchase by issuing MYG shares at 40.63
Australian cents per share, representing a premium of 5.53% to
stock's last close
    ** Stock down 12.50% so far this year, as of last close 

($1 = 1.3521 Australian dollars)

 (Reporting by Dhriti Garg in Bengaluru)
 ((Dhriti.Garg@thomsonreuters.com))