Australia's Secos Group hits near 3-year low on discounted placement

MyEco

07/03/2023 02:01

** Shares of Secos Group  SES.AX  slump as much as 14.3% to
A$0.060, hitting their lowest since July 7, 2020
    ** Sustainable packaging materials manufacturer says it has
received firm commitments for a placement of about 46.5 mln
fully paid ordinary shares to raise A$3.02 mln ($2.03 mln)
    ** Issue price of A$0.065 per share is at a 7.1% discount to
stock's last close on March 3
    ** Co says proceeds to be used towards expansion of co's
MyEco range, among others
    ** Shares post their biggest intraday pct fall since June
10, 2022 and on track for a ninth consecutive session of losses
    ** Stock had fallen 39.1% YTD, as of last close 

($1 = 1.4848 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))