Australia's Midway hits over 2-month high on sale of plantation estate

Midway

12/05/2022 03:48

** Shares of forestry management and woodfibre export
company Midway Ltd  MWY.AX  rise as much as 27.2% to A$1.10, its
biggest intraday pct gain to-date
    ** Shares at their highest value since Feb. 24
    ** Says signed agreement to sell its 17,000 hectare
plantation estate in Southwest Victoria  urn:newsml:reuters.com:*:nASX2tVtYn
    ** Special purpose vehicle established by MEAG, a unit of
Munich Re, to purchase the property for A$154.1 mln  ($106.96
mln)
    ** SPV to engage co to manage the combined assets and supply
co with all hardwood log harvested from combined estate
    ** Proceeds to reduce bank debt, and serve as investment in
growth initiatives 
    ** Nearly 192,000 shares change hands, compared with the
30-day average volume of abut 75,000 shares
    ** Stock has fallen 27.9% this year, as of last close

($1 = 1.4407 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))