Shares in the Seven Group jumped after the company reported the sale of its Caterpillar machinery business in China.
A short time ago, they were up more than 7% to $12.65.
The company, chaired by billionaire Kerry Stokes, announced that WesTrac China, its Caterpillar franchise, was sold for $540 million to Lei Shing Hong Machinery Limited.
The sale exits Seven Group from China.
The company is now looking for acquisitions.