Australia's Pacific Current rises after selling $170 mln worth stake in GQG Partners

Pacific Current

08/03/2024 24:09

** Shares of Pacific Current Group  PAC.AX  up 5.5% at
A$9.8, set for best day since Jan 29, if gains hold
    ** The asset manager says unit sold a 4% stake in GQG
Partners  GQG.AX  for A$257.3 mln ($170.3 mln) via a block trade
    ** Says sale at A$2.16 per share, representing a 3.6%
discount to GQG's last close on Thursday
    ** Co plans to use part of the proceeds for lowering debt
and making new investments
    ** Shares of GQG Partners  GQG.AX  down as much as 1.8% to
A$2.2
    ** PAC shares up 5.7% YTD, while GQG has gained 31.4% so far
this year, as of last close
 

   ($1 = 1.5106 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))