Australia's RPM Automotive jumps on acquiring Chapel Corner Tyres

Rpm Automotive

03/07/2023 05:03

** Shares of RPM Automotive Group  RPM.AX  rise as much as
15.4% to A$0.105, its highest level since June 8
    ** Stock on track for highest intraday pct rise since May
25, if gains hold
    ** Co enters into an agreement to acquire automotive parts
wholesaler and retailer Chapel Corner Tyres, effective Sept. 1
    ** Acquisition is for a total value of A$3.3 mln ($2.2 mln)
    ** Co says deal will scale its wholesale tyre division
distributor network in the Victoria metro region
    ** Stock has fallen 43.1% this year, as of last close
    
($1 = 1.5026 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))