NZ's Synlait Milk rises on dispute settlement and $14.8 mln payment

Synlait Milk

16/08/2024 01:27

** Shares of Synlait Milk  SML.NZ  rise as much as 16.7% to
NZ$0.35, their highest since July 12
    ** Stock posts its biggest intraday gain since July 12
    ** New Zealand-based nutrition firm says that it has
resolved disputes with its second-largest shareholder a2 Milk
 ATM.NZ  
    ** Dispute regarding exclusive manufacturing rights for some
of a2 Milk's infant milk formula products
    ** Synlait says it will retain the Chinese registration for
Synlait's Dunsandel manufacturing facilities
    ** Adds a2 Milk will make a one-off payment of NZ$24.75 mln
($14.81 mln) to co
    ** About 504,847 shares change hands, compared with the
30-day average volume of 387,313
    ** Stock has fallen 68.4% this year as of last close


($1 = 1.6711 New Zealand dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))