Australia's Beam Communications slumps on exit from joint venture
ReutersAug 20, 2025 2:17 AM
Shares of Beam Communications BCC.AX fall 33.3% to A$0.12, their lowest point since August 8
Stock on track for its worst day since October 31, 2024, if trends hold
The satellite manufacturer says it will exit from its Zoleo Inc joint venture
Says it will put about $9.5 million on sale of its 50% stake in the JV
Co had earlier announced it will stop manufacturing the ZOLEO device, which generates recurring subscription revenues, by end of FY25
About 457,341 shares change hands, 7.3x the 30-day average of 62,786
Stock up 84.6% YTD, including moves in current session
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