Stocks of the Hour: Beston Food, ArchTIS, PayGroup

The Australian sharemarket has rebounded, trading 0.3 per cent higher to 6,530 led by property, information technology and consumer staples while energy and materials lag.

Let's turn our attention to the stocks that are on the move.

Company news

Beston food company (ASX:BFC) has inked a memorandum of understanding with KCG Corporation in Thailand. KCG is Thailand’s number one cheese and butter company with a large distribution channel in the hospitality industry. CEO Fabrizio Jorge says “Beston is very well placed for the future. More than ever and in a world dominated by uncertainty, supply security is top of mind for clients around the world. Our ability to announce our partnership with KCG Thailand today as well as our market entry into Japan is testament of the deep customer connections we have been able to build over the years and hard-work of our team towards delivering top quality products – It’s a proud day for Beston Global Food Company”. Investors certainly agree. Shares are trading 26.3 per cent higher at 7.2 cents.

ArchTIS (ASX:AR9) has been awarded a $7 million contract with the Australian Department of Defence. This sale continues the company's' strong growth trend in the Defence and National Security market and follows the recent OneDefence win with KPMG to deliver the overall data security strategy for Defence. The innovative software provider does more than just provide cybersecurity solutions. CEO Daniel Lai says that “in an environment of high inflation, high wages growth and interest rates and the fear of stagflation, the way out of it is productivity growth. Digitising the supply chain is a key to productivity gains to bring the economy back on track. The fundamentals is to build trust in the digital supply chains which is what ArchTIS is focused on”. The news has been well received with shares trading 60 per cent higher at 16 cents.

PayGroup (ASX:PYG) has entered into a takeover deal with Deel Australia, a compliance and payroll platform. Deel is set to buy PayGroup by way of a scheme of arrangement for a cash consideration of $1.00 per PayGroup share, a 177 per cent premium to Wednesday's closing price. Shares are 152 per cent higher at 92 cents.
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Source: Finance News Network