Aust Business Headlines, (ASX: SPN), (ASX: SIP), (ASX: AMP)
Sydney, Australia, Sept 20, 2007 - (ABN Newswire) - SP Ausnet has agreed to
pay $8.142 billion to Singapore Power for a slice of energy giant, Alinta. SP
Ausnet, which owns and operates electricity and gas transmission networks in
Victoria, says the purchase will be funded by a mixture of debt and equity,
including a rights issue to security holders. Alinta's assets include the
New South Wales Gas Distribution Network, the Alinta Victorian electricity
network and a stake in the United Energy Distribution Network. Singapore Power
owns 51 per cent of SP Ausnet, which was listed in Australia and Singapore in
December 2005. SP Ausnet's best profit result over the past five years
was in 2004.
Australian drug manufacturer and distributor Sigma Pharmaceuticals has
reported a 26.9 per cent fall in first-half earnings. Net profit before
one-offs fell to $36.6 million for the six months to July 31, down from $50.1
million in the same period a year earlier. The company's shares have
tumbled 30 percent since early July when it forecast flat full-year profit due
to the impact of regulatory reforms. The fall is attributed to changes in the
allocation of funds under a government funding pool designed to ensure that
people across Australia have access to all government-subsidised medicines at
affordable prices. Sigma posted increased earnings over the last two financial
AMP has appointed a new CEO. Australia's third-biggest fund manager,
named Craig Dunn as its new chief executive officer to replace the outgoing
Andrew Mohl. Dunn, who currently heads the AMP Financial Services unit, will
take charge in January 2008. The past three year has seen AMP recover from a
net loss in 2003.
The full report is available at the following video and audio links.
Source: Finance News Network Â© 2007 http://www.finnewsnetwork.com.au
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