Australia's Pentanet jumps on partnership with U.S. firm

Pentanet

06/03/2023 24:22

** Shares of Pentanet Ltd  5GG.AX  rise as much as 11.1% to
A$0.150, set for best day since Dec. 28, if gains hold
    ** Wireless internet and data services provider says co and
U.S. based Cambium Networks  CMBM.O  have executed a memorandum
of understanding to enter into a Network-as-a-Service (NaaS)
agreement
    ** Says MOU will help co to deploy 5G network infrastructure
under a NaaS solution, without the need for upfront capital
expenditure costs
    ** Pentanet says, under agreement, Cambium will provide co
with a variable financing facility worth up to A$5.95 mln ($4.02
mln) for 5G rollout plan 
    ** Stock at its highest level since Feb. 20
    ** 5GG is down ~34% this year as of last close
 


($1 = 1.4808 Australian dollars)

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