Business briefs

Press, 13 May 1981, Page 23

Business briefs

Humes expands Humes Industries (N.Z.), Ltd, 80 per cent-owned by the Australian pipe manufacturer, Humes, Ltd, has taken over Spiral Welded Pipes (Auckland), Ltd, after buying the outstanding 50 per cent of Spiral shares held by Steel and Tube Holdings, Ltd, for $1.5 million, the companies announced. The take-over would allow more economical and efficient use of both , companies’ funds and cal facilities, they said. Rundle to go ahead |

Despite the setback for the I Rundle oil shale project, i Central Pacific Petroleum, NL, and Southern Pacific Petroleum, NL. are continu- j ing talks and site work on a total of four shale ventures in Queensland. The directors said in the Rundle twin’s quarterly reports that discussions were continuing with Esso Exploration and Production Australia, Inc, concerning a revised work programme for the Rundle project, and that revised arrangements were progressing. On April 6 the co-venturers revealed major -- problems and cost escalations which threatened the Rundle venture. Tasman exports Exports by Tasman Pulp and Paper Company, Ltd, for the year ended March 31 were $205 million, an increase of 45 per cent over 1980.

The value of exports has doubled over the past four years. Tasman’s managing director, Mr Carl Ryan, said the company’s programme of adding value to forest resources through processing in New Zealand had wider national benefits than the increased export revenue. During a period when unemployment had become an increasing problem for New Zealand, Tasman was continuing to offer new employment opportunities for apprentices, tradespeople, unskilled workers and the professions, Mr Ryan said.

A.N.L wins Sydney-based Australian National Industries, Ltd, has emerged as winner in the battle for the Queensland heavy engineering firm, Bundeng, Ltd, after the recommendation by Bundeng directors that A.N.L’s offer of 210 c a share be accepted. A.N.l.’s values the company at $4.3M. The offer is 7c above Industrial Equity, Ltd’s latest bid of 203 c for Bundeng. and considerably higher than the 190 c offered by Bundaberg Sugar Company, Ltd. Air Pacific Air Pacific, the 83 per cent Fiji Government-owned regional airline, had a record operating deficit of $5,100,000 in the financial year ended last March and expected to lose at least $6,000,000 dollars in its current year, the chairman. Mr Mark Israel, announced. He said that the board was “extremely concerned” about the airline's position, and had ordered the management to review the utilisation of aircraft and cut staff to the minimum. The fiay and conditions of all ocal and overseas staff would be reviewed also, he said.

Break for Winstone

Winstone Samsung Industries has broken- into the Indian market. An order for

10,000 tonnes of thermomechanical pulp was shipped to the Government of India last week.

Petersville Speculation of a rumoured take-over of the Petersville food group was revived yesterday when directors announced that talks were taking place which might affect the company’s share price. The shares rose 10c to 200 on the Sydney sharemarket after the announcement. Scott Group Scott Group. Ltd has bought for cash the assets of the hardware manufacturing division of Lincoln Industries, Ltd, of Auckland, the company announced. Scott Group has also entered into a licensing agreement with the Stanley Works Pty, Ltd, of Australia, to manufacture, market and distribute in New Zealand “Stanley” and “Turner” brand cabinet hardware which up until now has been manufactured in New Zealand by Lincoln. Aberfoyle Aberfoyle, Ltd. will make a one-for-three renounceable issue of 50c shares at 400 c each to raise about $19.4M to finance future expansion and replace borrowed funds, the directors announced. They said that the Ardlethan reserves may only last to late 1982 and although exploration activity has identified several potential ore zones and there is an estimated 6M tonnes of tin tailings, any of the options to maintain a continuity of production is likelv to require substantial capital expenditure. They said exploration of a tung-sten-tin ore zone at depth at the Cleveland mine is proving encouraging; whether deposits at Zeehan, Tasmania, can be economically mined is largely dependent on the resolution of metallurgical problems. Oakbridge The directors of Oakbridge, Ltd, mining, industrial, and finance group, said that they expect a significant improvement on last year’s $4.4M profit in the current year, and predict substantial growth for several years ahead. They said the increased profit in the year to June will come from greatly improved results in the coal division, which returned to Srofitability in the December alf-year. Newspaper spread

A stable of five weekly, biweekly, and monthly community and regional newspapers has been purchased by % the Manawatu Standard, Ltd, publishers of the “Evening Standard.” The purchase is subject to Commerce Commission approval. The five newspapers are:— the “Fielding Herald” (biweekly). “Manawatu Herald” (weekly), "Manawatu Farmer” (weekly), “Wanganui—Rangitikei Farmer” (monthly), and “Hunterville News” (monthly).