ASX-listed New Zealand Coastal Seafoods surges on deal to buy Nine Ocean Group

New Zealand Coastal Seafoods

05/10/2022 03:03

** Shares of ASX-listed New Zealand Coastal Seafoods
 NZS.AX  rise as much as 14.3% to A$0.004, their highest since
Sept 28
    ** Seafood products producer says it entered into a binding
agreement to buy Australian seafood co Nine Ocean
Group urn:newsml:reuters.com:*:nASX7YNVzj
    ** Says deal will be earnings-accretive, adds identified
immediate and substantial cost-reduction opportunities
    ** Stock posts its biggest intraday pct gain since Sept 29
    ** More than 9.8 mln shares change hands, compared with the
30-day average volume of 867,420 shares
    ** Stock had fallen 56.3% this year, as of last close
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))