Weekly briefs
Westpac offering unveiled, Minnow takes on whale, AMP integrates, Colonial goes to China, Events to watch out for this week.
Friday, July 30th 1999, 12:00AM
Westpac is today expected to unveil its plans to list shares worth A$650 million on the New Zealand stock exchange, however the issue is not expected until September.It is understood the shares would effectively be ordinary Westpac shares traded in New Zealand dollars. These shares would closely follow the price of their Australian counterpart, and New Zealand investors will get access to franking credits.
Westpac is planning this move to diversify its shareholder base and rearrange its capital structure.
Minnow takes on whale
Founder and developer of wrap account service provider Ausmaq, John Maconochie, is suing a subsidiary of Bank of New Zealand's parent company, National Australia Bank, for A$21 billion.
Maconochie did a deal with NAB over Ausmaq, and is now claiming damages alleging the bank "plundered" its ideas and ruined the huge business opportunities presented by e-commerce.
The claim is based on estimated 2003 earnings of a well-managed global business.
If successful the claim would potentially force NAB's subsidiary into receivership.
Idoport Pty Ltd is presenting its case to the commercial division of the Equity Court in Australia.
AMP integrates
AMP has announced the creation of a new global investment management business which will include all AMP's investment management operations in Australia, New Zealand and the United Kingdom.
"AMP is uniquely placed to move forward and create a global investment management company from a position of real strength. We have over A$225b in assets under management and over 1800 people around the world," AMP chief executive George Trumbull says.
Roger Yates had been appointed managing director of the new business. Yates was formerly chief invstment officer of Invesco Global. He will also assume the position of managing of Henderson Investors and Ian Buckley, director of asset management, and other members of the senior management team at Henderson Investors will report to him. Present Henderson managing director Dugald Eadie, will take up early retirement. Andrew Mohl, managing director of AMP Asset Management (Australia and NZ) will also report to Yates.
Colonial goes to China
China Life Insurance Company and Colonial announced today that they had signed a contract to form a joint venture life insurance company in Shanghai.
The companies have received agreement from the State Council of the People’s Republic of China and the China Insurance Regulatory Commission (CIRC) to form a joint venture life insurance company in Shanghai.
The joint venture will commence operation within the next half year.
China Life is the sole State-owned commercial life insurance company in the PRC. Total assets are RMB 90 billion. Its annual premium income has reached RMB 50 billion. China Life has more than 3400 branches and offices throughout China and employs 43,000 staff. It has set up more than 80,000 agency offices and also employs over 200,000 agents. China Life has established extensive relationships with the international insurance society.
Coming up this week:
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