Briefs

Press, 24 September 1988, Page 33

Briefs

Tooth addition

Tooth and Co. has increased its dairy industry holdings with the sAust32 million (SNZ4IM) purchase of QUF Industries, Ltd’s 50 per cent stake in Australian United Foods, Ltd, which markets and produces ice cream. The other 50 per cent of Australian United Foods is owned by Tooth’s fellow associate in the Adsteam group, Petersville Sleigh which is bidding for Tooth.

Single standards

Reporting of financial results by companies will be rationalised and streamlined under proposals announced by Australia’s Ministerial Council for Companies and

Securities. Council chairman, South Australian AttorneyGeneral Chris Sumner, said the Accounting Standards Review Board would oversee the preparation of a single set of accounting standards.

Fast transfers

The Australian Companies Act and Code will be amended to allow for early introduction of a new and faster share transfer system, the joint Federal-State Ministerial Council for Companies and Securities said. The council decided the legislation should be amended to ensure an effective pilot run of the Australian Stock Exchange’s proposed Flexible Accelerated Securities Transfer System (FAST), the council’s chairman, Mr Chris Sumnei;, said. Fifteen listed companies have so far agreed to a pilot run of FAST in the second quarter of 1989.