Tiger Brokers

BUZZ-Australia's VEEM at 1-year high on manufacturing deal with Northrop Grumman

Reuters
Sep 30
BUZZ-Australia's VEEM at 1-year high on manufacturing deal with Northrop Grumman

** Shares of VEEM VEE.AX rise as much as 29.1% to A$1.95, their highest level since August 15, 2024

** Stock logs largest intraday pct gain since late November 2024

** Defence manufacturer signs a nine-year manufacturing licence agreement with Northrop Grumman NOC.N to provide equipment into the U.S. defence supply chain

** Says current deal value is $33 million, which can be increased by amendment

** Also completes A$14 million ($9.22 million) placement at issue price of A$1.30 per share

** About 1.7 mln shares change hands, 6.8 times the 30-day avg

** Stock set for third month of gains; up 55.4% YTD

($1 = 1.5179 Australian dollars)

(Reporting by Anjali Singh in Bengaluru)

((anjali.singh2@thomsonreuters.com;))

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