Papyrus Australia soars on winning Egyptian government contracts

Papyrus Australia

28/05/2024 01:59

** Shares of Papyrus Australia  PPY.AX  rise as much as
81.8% to A$0.020, posting their biggest intraday percentage gain
since Nov. 6, 2020
    ** Stock hits its highest level since March 14
    ** Technology licensing co says its unit won two contracts
from the Egyptian government's National Authority for Military
Production for developing two fibre production lines
    ** Says two contracts collectively valued at $1.7 mln
    ** About 2 mln shares change hands, compared with the 30-day
average volume of around 189,000
    ** Stock down 42.1% YTD, as of last close

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))