Australia's Qoria hits two-yr high on divestment of unit

Qoria

22/04/2024 04:19

** Shares of Qoria  QOR.AX  rise as much as 2.33% to A$0.44,
their highest since April 28, 2022
    ** Cybersecurity services provider says it is divesting
subsidiary Migiri to a former top executive, who will acquire a
majority stake in the unit for A$2 mln ($1.3 mln)  
    ** Says the divestment is expected to reduce marketing costs
by about A$2 mln and operating costs by around A$1.2 mln
    ** Stock logged five straight weeks of gains until Friday
    ** Stock has risen 53.6% this year, as of last close


($1 = 1.5516 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))