ASX-listed shares of OM Holdings rise on buying Malaysian operating units

OM Holdings

05/05/2022 03:47

** Australian shares of the manganese ore and ferro-alloy
producer  OMH.AX  rise as much as 3.5% to A$0.9, their highest
since April 22 
    ** OM Holdings says unit entered into a binding letter of
offer with insurance firm Samalaju Industries to buy all the
shares it holds in OM Materials (Sarawak) and OM Materials
(Samalaju) for $120 mln  urn:newsml:reuters.com:*:nASX7jwnqj
    ** Co says after deal completion, the unit, which currently
has a 75% stake in the two companies, will increase its equity
interest to 100% 
    ** Shares mark their biggest intraday pct gain since April
28 
    ** More than 381,300 shares change hands, as compared with
the 30-day average volume of ~126,600 shares  
    ** Stock up 3.3% this year, as of last close, vs a 1.3%
decrease in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))