Australia's Superloop rises after internet services contract with Origin

Superloop

14/03/2024 01:09

** Shares of internet broadband provider Superloop  SLC.AX 
rise as much as 34.3% to A$1.410, their record intraday
percentage gain 
    ** Co secures wholesale exclusive six-year contract to
provide internet services to Origin Energy  ORG.AX  
    ** Says contract will see the migration of ORG's broadband
customer accounts, currently 130,000 and growing, onto
Superloop's network
    ** Says contract to add in excess of A$19 mln ($12.58 mln)
of annualised EBITDA once the current subscriber base is fully
transitioned
    ** More than 11 mln shares change hands, compared with the
30-day average volume of ~4.8 mln shares  
    ** Stock up 56.7% this year, as of last close, vs a 1.83%
increase in the benchmark S&P/ASX 200 index  .AXJO 

   ($1 = 1.5099 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))