Tag Pacific (ASX:TAG) said its MPower subsidiary has been awarded a A$32 million power contract for the Gorgon project, Australia's largest resources project. The 24-month contract is for the design, manufacture and commission of a 28 megawatt power generation plant that will be used to power the construction and commissioning phase of the Gorgon project.
Sydney, Sep 24, 2009 AEST (ABN Newswire) - US stocks fell overnight in a choppy trade as the Federal Reserve announcement showed that the central bank remained cautious to the economy outlook. The Federal Reserve acknowledged the economy is emerging from recession, but maintained its near-zero interest rate and trillion-plus dollar effort to support the fragile recovery.
The Australian share market posted solid gains yesterday across most sectors. The benchmark S&P/ASX200 index surged 70.4 points, or 1.51 per cent, at 4734.1, while the broader All Ordinaries rose 69.9 points, or 1.5 per cent, to 4741.
Key Economic Facts and Figures
The Department of Education, Employment and Workplace Relations skilled vacancy index increased by 1.2 percent to 38.6 points after a 1 percent rise in August. The index currently stands at 38.6 but is still 50.4% lower than in September 2008.
The Reserve Bank of Australia today will release its half-yearly Financial Stability Review. The Housing Industry Association releases its new home sales report for August.
M&A News
Woolworths Limited (ASX:WOW) said that shareholders holding 75.09% of the issued ordinary shares in Danks Holdings (ASX:DKS) have now accepted Carboxy Pty Ltd's recommended takeover offer for Danks. Carboxy is a joint venture between Woolworths and US home improvement retailer Lowe's Companies. Inc (NYSE:LOW). The offer price is of A$13.50 per Danks share.
Ten Network Holdings (ASX:TEN) has been granted a trading halt as Canadian media firm CanWest Global Communications Corp (TSE:CGS) will sell down its 50.06 per cent stake in Australia's Ten Network Holdings. No new Ten Network shares will be issued as part of this sale process.
Suncorp-Metway (ASX:SUN) says it is in exclusive discussions with US-based private equity player Janusz Hooker regarding the potential sale of its real estate division, Hooker Corporation Ltd. Suncorp said the discussions were incomplete and there was no certainty a transaction would eventuate.
Important Corporate News
Brickworks (ASX:BKW) reported its net profit rose to A$305.2 million for the 12 months to July 31 compared with A$101.5 million in the prior corresponding period. The company will pay a final dividend of 26.5 cents per share, taking the full-year distribution to 39 cents, the same as the year before. The company expects another solid result boosted by an expected recovery in building products, lower borrowing costs and another solid return from Investments.
Washington H Soul Pattinson and Company Ltd (ASX:SOL) posted a net profit of A$1.11 billion in the year ended July 31, up from A$90.83 million for the previous year. The strong rise was primarily due to the sale of a coal project in Indonesia. Final dividend has been increased from 18c to 19c, fully franked, and a fully franked special dividend of 25c a share in respect of the non-regular profit on the sale of the New Saraji coal project has also been recommended.
Upmarket department store David Jones Ltd (ASX:DJS) has posted a 6.3 per cent rise in annual profit on the back of stronger revenue. The bottom line net profit was A$156.52 million for the year ended July 25, up from A$147.29 million in the previous year. It was David Jones' highest full year profit result on record, since it listed on the stock exchange in 1995.
Tag Pacific (ASX:TAG) said its MPower subsidiary has been awarded a A$32 million power contract for the Gorgon project, Australia's largest resources project. The 24-month contract is for the design, manufacture and commission of a 28 megawatt power generation plant that will be used to power the construction and commissioning phase of the Gorgon project.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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