Papyrus Australia gains most in over 2 months on Egypt govt deal

Papyrus Australia

07/04/2022 01:48

** Shares of Papyrus Australia Ltd  PPY.AX  surge as much as
16.7% to A$0.070, their biggest intraday pct gain since Jan. 17
    ** The agricultural waste fibre tech co says it has signed a
Cooperation Protocol with the Egyptian government, via the
National Authority for Military Production  urn:newsml:reuters.com:*:nFWN2W414P
    ** Says partnership is for Egypt to establish a national
industry to process banana plantation waste as part of the
national waste collection program
    ** Adds the end-goal of the Cooperation Protocol is
establishing a national industry in Egypt to convert banana
plantation waste into marketable products
    ** Shares hit highest since Feb. 16
    ** Stock has fallen 4.8% this year, as of last close

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))