CSR has 94.6p.c. of Aust. Estates

Press, Volume CXV, Issue 33815, 11 April 1975, Page 12

CSR has 94.6p.c. of Aust. Estates

(>i Z P A -Reuter—Copyright SYDNEY. The Australian Estates Company. Ltd. officially became a 94.6 per cent owned subsidiary of CSR. Ltd. on April 1, CSR says in a statement to the Sydney stock exchange.

CSR says that it has no knowledge of any variation in the Australian Estates estimated pre-tax group profit of $20,592,000, which was announced by the directors of A.E. on February 25. The total consideration paid by CSR for A.E. is $47.8m cash.

A.E. owns substantial assets and is the parent company of 29 subsidiaries. There are three associated companies in which A.E.’s shareholding totals more than 20 per cent. The parent company, and three major subsidiaries were incorporated in the United Kingdom, all other subsidiaries were incorporated in Australia.

A.E. owns two-large sugar mills in Queensland, and sixty-five per cent of Haughton Sugar Company, Ltd. In addition, A.E. owns 25 grazing properties in the Northern Territory, Queensland and New South Wales, with a total area of about 10 ; million acres.

Its agency division operates an extensive wool- ■ broking and stock and station agency business in Victoria, New South Wales, and Queensland, and has started building two major city office blocks, one in Mef- ! bourne and the other in ; Brisbane.

A.E. has a 56 per cent interest in E. M. Denny (Holdings), Ltd, which is involved in the production and marketing of a wide range

of mainly pig meat products in the United Kingdom and Ireland, and international trading in beef and lambs.