Australia's Prime Financial Group surges on Westpac deal

Prime Financial

04/10/2022 03:13

** Shares of Australia's Prime Financial Group  PFG.AX  rise
as much as 7.5% to A$0.22, their highest since Sept. 14
    ** Shares rise as the investment advice provider announces
it has agreed to a new A$10 million ($6.50 million) financing
facility with Westpac  WBC.AX   urn:newsml:reuters.com:*:nASX9pzCSK
    ** Adds facility will be used for future acquisitions,
beginning with the acquisition of Intello
    ** Co also announced it has entered into an agreement to
acquire 100% ownership of a B2B Self Managed Superannuation Fund
(SMSF) Administrator Intello Pty Ltd  urn:newsml:reuters.com:*:nASXbZhm1m
    ** PFG stock posts its biggest intraday pct gain since Sept.
8
    ** Westpac - the multinational bank - saw its shares jump
3.5%; on track for their best day since March 10
    ** PFG stock has risen 5.3% this year, as of last close
($1 = 1.5375 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))