Shares of bed linen maker Aussino Group jumped as much as 14.5% higher after it announced a definitive agreement to buy a firm that operates petrol kiosks in Myanmar through a reverse takeover.
By 3:46 p.m., shares of Aussino was 10.7% higher at $0.145. The shares had been suspended earlier in the day pending an announcement.
Aussino said in a statement on Wednesday it will acquire Max Myanmar's energy business unit by issuing about $70 million worth of new shares, resulting in a change in ownership. The plan had been announced in June as a non-binding memorandum of understanding.
Max Myanmar operates 21 petrol kiosks across various key cities in Myanmar including, Mandalay, Naypyitaw, Bago, Ayeyarwady and Yangon.
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