NZ's Synlait Milk jumps as shareholders approve $135 mln equity raise

Synlait Milk

18/09/2024 24:31

** Shares of New Zealand's Synlait Milk  SML.NZ  rise as
much as 10% to NZ$0.495, their highest since Aug. 21
    ** Stock posts its biggest intraday percentage gain since
Aug. 21
    ** Dairy co says shareholders have approved its NZ$217.8
mln($134.77 mln) equity raising from top shareholders China's
Bright Dairy and peer a2 Milk  ATM.NZ  
    ** In August, SML warned of potential insolvency, had the
equity raising not been approved
    ** Stock down 48.4% YTD, including session's move

($1 = 1.6160 New Zealand dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com))