Sydney, 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 years.
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.
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http://abnnewswire.net/lnk/LJ1X5P2SSource: Finance News Network © 2007
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