Australia's Pacific Current Group rises on $61 mln stake sale

Pacific Current

19/07/2024 04:00

** Shares of Pacific Current Group  PAC.AX  rise as much as
2.6% to A$10.76, their highest levels since July 5
    ** Stock posts its biggest intraday pct gain since July 5
    ** The asset management firms says it will sell its stake in
Carlisle Management Company, a Luxembourg-based fund manager, to
Abacus Life  ABL.O  for a combination of bonds and stock
    ** The Australian asset manager will receive 1.99 mln new
issued Abacus bonds with an expected value of $49.7 mln and 1.37
mln ABL shares 
    ** Co says the net proceeds from the sale is estimated to be
$61.2 mln
    ** Stock has risen 19.3% this year, as of last close

    

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))