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Why Bingo (ASX:BIN) Shares Turned From Trashed To Treasured

The Bingo Industries Ltd (ASX:BIN) share price went up more than 15% today after announcing news regarding the ACCC.

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The Bingo Industries Ltd

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(ASX: BIN) share price went up more than 15% today after announcing news regarding the ACCC.

Bingo Industries is a waste management business, it provides residential and commercial waste services, recycling services and bin manufacturing. It started in 2005 when the Tartak family purchased a small skip bin business.

Why The Bingo Share Price Rose 15%

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The Bingo share price rocketed today because the Australian Competition and Consumer Commission (ACCC) announced it would not oppose Bingo’s proposed acquisition of Dial A Dump Industries with the company willing to divest its recycling facility at Banksmeadow in New South Wales.

Bingo expects to achieve annual cost synergies of around $15 million per year over a two-year period through internalisation of waste volumes, operational efficiencies and ‘rationalisation’ of overheads.

The ACCC said there are larger players than Bingo in the waste industry such as Suez, Veolia and Cleanaway.

Bingo also announced that the Board has approved the implementation of an on-market buy-back of up to $75 million due to the suppressed share price.

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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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