Latest news with #RishavChatterjee
Yahoo
21-03-2025
- Business
- Yahoo
Australia greenlights Vocus' takeover of TPG Telecom's fibre, fixed assets
By Rishav Chatterjee and Aaditya GovindRao (Reuters) -Macquarie-backed fibre network Vocus Group is closer to becoming one of Australia's largest owners of underground fibre infrastructure, as the competition regulator approved on Thursday its A$5.25 billion (about $3.3 billion) deal with TPG Telecom. Vocus and TPG, back in October 2024, had agreed to a deal for the former to take over the telecom operator's fibre and fixed network infrastructure assets, enabling Vocus to connect almost 20,000 buildings in Australia. The Australian Competition and Consumer Commission (ACCC) said the deal would not likely result in a substantial reduction of competition in any market. It said that Vocus would continue to face major competition from firms — including Telstra, Singapore Telecommunications-owned Optus — and local players such as Superloop and Aussie Broadband A spokesperson for Vocus said that the ACCC's decision was a positive step, and TPG's complementary assets will allow Vocus to drive competition into the sector. Analysts at Sandstone Insights called the clearance a major turning point for TPG, which resets its balance sheet. "With lower interest costs, a declining opex profile and lower capex requirements, TPG is poised for substantial free cash flow growth for the next 3-4 years," the analysts said. Shares in TPG gained 5% in Sydney, while those of its biggest rival Telstra were up 0.9%. The deal remains subject to Foreign Investment Review Board approval and U.S. regulatory approvals, TPG said. The Australian watchdog's review focused on how closely Vocus and TPG compete in the supply of data network and connectivity services, including fixed-line internet services, to large enterprise and government customers, it said in a statement. The probe found that Vocus focuses on providing services to large enterprise and government clients while TPG concentrates on the small and medium enterprise segment of the market. A Macquarie-managed infrastructure fund, alongside Aware Super, acquired Vocus in 2021, taking the company private and delisting it. ($1 = 1.5721 Australian dollars)
Yahoo
19-03-2025
- Business
- Yahoo
Australia's Myer's profit slumps; shares tank on bleak outlook
By Rishav Chatterjee (Reuters) - Australian department store owner Myer on Wednesday posted lower interim earnings, citing logistical challenges at a distribution centre in Victoria and strategic review costs, while painting a gloomy outlook due to weak economic conditions. The firm, which finalised the purchase of the apparel brands portfolio from rival Premier Investments in January, said the sales for the first five weeks in the second half of the fiscal year were already down by 2.6%. Shares in Sydney dropped 10.5% to A$0.68 and hit their lowest since June 24, 2024. Total sales at the retailer were A$1.83 billion ($1.16 billion), with comparable sales up just a touch below 1%. This reflects the closure of Brisbane and Werribee stores coupled with other closures. The retailer posted net profit after tax of A$42.4 million for the 26 weeks ended January 25, an 18.5% decrease from the previous year. "Distribution centre issues certainly didn't help matters either, but for Myer's profit to start looking healthier next time around the company will be hoping for brighter retail conditions to emerge," said Tim Waterer, an analyst at KCM Trade. The results come after Myer's January warnings of sluggish sales and earnings during the major festive periods of Black Friday, Christmas and Boxing Day. A measure of Australian business activity dropped to its lowest since the pandemic last November due to tough trading conditions in both manufacturing and retail sectors, suggesting the local economy had not picked up from a time when households struggled with rising costs of living. Myer had updated the market regarding the construction of a national distribution centre in Victoria during 2021, which went live in August 2024. "The site has experienced implementation issues and is not yet operating as designed," the firm flagged. "If I was a shareholder, I'd be demanding more clarity as to what constitutes 'operational issues' given (if the matter is warehousing, technology, system or infrastructure)," said Jesse Moors, portfolio manager at Spatium Capital. ($1 = 1.5721 Australian dollars) Sign in to access your portfolio
Zawya
17-03-2025
- Business
- Zawya
Maynilad Water seeks to raise up to $858mln in Philippines IPO
Hong Kong's First Pacific said on Monday its Philippine affiliate, Maynilad Water Services, aims to raise up to 49.15 billion pesos ($857.75 million) through an initial public offering. Under the terms of the deal, Maynilad is offering up to 2.46 billion shares, with an expected offer price of up to 20 pesos each. The total number of shares being offered represented 30.45% of the company's total outstanding shares. If approved, First Pacific said the listing would take place on July 10, with the offer period running from June 25 to July 2. The company has enlisted banks, including Morgan Stanley and UBS, to assist with a more than $500 million initial public offering in the Philippines, Reuters reported in January. In December 2021, the Philippine government granted Maynilad a 25-year franchise to establish, operate and maintain a waterworks system, as well as sewerage and sanitation services in the west zone service area of Metro Manila and the province of Cavite, according to its website. Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. The planned listing adds to a growing pipeline of IPOs in the Philippines, where IPO proceeds surged sharply to $234.1 million last year, from $72.9 million in 2023, according to data compiled by LSEG. Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction-to-nickel mining group DMCI Holdings and Japanese trading company Marubeni Corp . ($1 = 57.3010 Philippine pesos) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry Jacob-Phillips)
Yahoo
12-03-2025
- Business
- Yahoo
Australia's Star names Salter Brothers as party behind $590 million refinancing play
By Rishav Chatterjee and Byron Kaye (Reuters) -Australia's No. 2 casino operator Star Entertainment said it has opened its books to investment group Salter Brothers for a debt refinancing proposal worth up to A$940 million ($590 million) that could help stave off a collapse. The proposal from Melbourne-based Salter Brothers, which has investments in commercial real estate assets such as hotels and childcare centres, would enable cash-strapped Star to service the massive debts it acquired during a protracted industry downturn, the casino firm added. It also builds competitive tension between financiers looking to bail out the company in exchange for high lending rates or a potential equity stake. A day earlier, Star said U.S. casino firm Bally's Corp made a refinancing approach that could give it 50.1% of the Australian firm. Salter Brothers and Bally's did not respond to Reuters requests for comment. Star had previously said it received a debt refinancing approach worth up to A$940 million without saying who from. In a two-paragraph statement on Tuesday, Star named Salter Brothers as the party and added that it "has entered into an exclusivity and process deed with Salter Brothers Capital relating to that Refinancing Proposal". A Star spokesperson did not respond to a Reuters request for additional comment. Australia's casino sector has been experiencing a protracted downturn due to damaging regulatory inquiries, as well as lockdowns and a border closure related to COVID-19, followed by rising costs of debt. The company's shares have been suspended from trading since last Monday after it failed to sign off on its half-year accounts by an end-February deadline. The board said at the time it was concerned about the company's ability to meet near-term liabilities. Star said last week it would sell its 50% stake in a just-opened casino in Brisbane to Hong Kong's Far East Consortium International and Chow Tai Fook Enterprises for A$53 million, an asset that media reports said cost A$3.6 billion to build. ($1 = 1.5946 Australian dollars)
Reuters
11-03-2025
- Business
- Reuters
Australia regulator takes largest pension fund to court over death benefit claims delay
March 12 (Reuters) - The Australian securities watchdog is taking the country's largest pension fund, AustralianSuper, to court, claiming it delayed processing of about 7,000 death benefit claims for a period of over five years. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Reporting by Rishav Chatterjee in Bengaluru; Editing by Mohammed Safi Shamsi
