Tiger Brokers

BUZZ-Australia's Treasury Wine Estates on 6-week high amid Chinese Winery purchase

Reuters
Dec 10, 2024

** Shares of winemaker Treasury Wine Estates rise as much as 4.1% to A$11.960, hitting their highest level since Oct. 23

** Co is set to acquire 75% of Ningxia Stone & Moon Winery Co ("Stone and Moon"), situated in north-western China for about A$27.5 million ($17.70 million)

** Terms include an option for co to acquire the remaining 25% after five years.

** Asset base of Chinese winery includes 43 hectares of planted vineyards

** Stock posts its biggest intraday percentage gain since Oct. 14

** Stock has risen 6.6% YTD, as of last close

($1 = 1.5533 Australian dollars)

(Reporting by Nichiket Sunil in Bengaluru)

((Reuters.Briefs@thomsonreuters.com))

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