Australia's Midway jumps on receiving approval to sell plantation land

Midway

05/10/2022 01:51

** Shares of Midway Ltd  MWY.AX  jump as much as 6.6% to
A$0.97, their highest since Sept. 12
    ** Plantation management firm says Australia's Foreign
Investment Review Board (FIRB) approved sale of 17,000 hectares
of co's existing brownfield hardwood plantations in south-west
Victoria to MEAG, a unit of Munich Re urn:newsml:reuters.com:*:nASXc9DD8Z
    ** Says sale is for an estimated A$154.1 mln ($100.18 mln)  
  
    ** Says FIRB approved proposed acquisition of additional
A$200 mln of agricultural land in south-west Victoria by MEAG 
    ** Nearly 40,000 shares change hands, more than double the
30-day avg volume 
    ** Stock posts its biggest intraday pct gain since Sept. 12
    ** Stock down 24.2% this year, as of last close
($1 = 1.5382 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))