Stocks of the Hour: Centuria, Austal, Woolworths & NAB

Company News

by Melissa Darmawan

Centuria Capital (ASX:CNI) is set to acquire a 14-level office building in Victoria for $224 million for their new unlisted ‘Centuria Government Income Property’ fund . The company will seek to raise $133 million. The A-grade building is the fund's sole asset with 91 per cent of the space leased to the Victorian government. The capital raise is expected to open from the 1 July. Shares in Centuria Capital Group (ASX:CNI) are trading 1.5 per cent higher at $2.73.

ASIC has launched civil penalty proceedings against Austal (ASX:ASB) and its former chief executive David Singleton on the their market disclosures on the Littoral Combat Ship program before July 2016. The proceedings allege that Austal was aware as early as June that year of the need to make a material write back of work in progress to the program. ASIC is seeking civil declarations that the company contravened its continuous disclosure obligations. Shares in Austal (ASX:ASB) are trading 2.6 per cent lower at $2.26.

Grocery retail giant Woolworths (ASX:WOW) has secured approval from the ACCC to acquire a 65 per cent stake in foods distributor and producer PFD. The competition regulator has given the nod to a $550 million purchase, despite market objections due to fears of hindering competitiveness in the food and supplies industry. The ACCC conducted an investigation and reported the deal would not incur a “substantial lessening of competition”, despite admitting the amalgamation of two companies would enhance Woolworths’ bargaining position. Shares in Woolworths Group (ASX:WOW) are trading 0.7 per cent higher at $42.94.

National Australia Bank (ASX:NAB) sourced expertise for its anti-money laundering problem with AUSTRAC by recruiting former executive Paul Jevtovic. Mr Jevtovic’s appointment as Executive Money Laundering and Reporting Officer will take effect from September. The new role is expected to bolster NAB’s risk management and compliance practices as he reports into Chief Risk Officer Sean Dooley. Paul Jevtovic has experience in financial crime prevention with four and a half years as Regional Head of Money Laundering Reporting and Financial Crime at HSBC and three years as AUSTRAC's CEO. Shares in National Australia Bank (ASX:NAB) are trading 0.2 per cent higher at $26.63.

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