Australia's Solvar hits lowest in over 5 months on unit's legal proceedings

Solvar

07/03/2024 02:32

** Shares of Solvar  SVR.AX  fall as much as 3% to A$0.980,
their lowest since Oct. 5
    ** Consumer and commercial finance co says a unit, Go Car
Finance, has been served with proceedings filed by the New
Zealand Commerce Commission
    ** Adds commission alleges unit breached its obligations to
borrowers under Credit Contracts and Consumer Finance Act 2003
    ** Solvar intends to defend these proceedings
    ** Including day's gains, stock up ~1%

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))