Ridley Corp jumps to over 3-yr high on deal to sell Tasmanian extrusion facility

Ridley

24/05/2021 02:45

** Shares of Ridley Corporation Limited  RIC.AX  jump as
much as 4.3% to A$1.105, their highest since March 29, 2018
    ** Animal nutrition solutions provider says its unit Ridley
Agriproducts Pty entered a deal for sale of the Westbury
extrusion facility in Tasmania to Gibson's Limited  urn:newsml:reuters.com:*:nASX2XbC4B
    ** Deal for A$54.85 mln ($42.35 mln)
    ** Anticipates a pre-tax profit in excess of A$7 mln upon
completion of sale
    ** Sale will enable it to reset its manufacturing cost base
to better service the aquafeed market - CEO Quinton Hildebrand
    ** Stock posts its biggest intraday pct gain since Feb. 15,
2018
    ** Stock 15.9% this year, as of last close


($1 = 1.2952 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))