Australia“s Flat Glass Industries Ltd has acquired a half-share of land and buildings occupied by 50% subsidiary Burnbridge Glass Pty Ltd in Newcastle after exercising a AUD 1 option to convert a loa…
Australia“s Flat Glass Industries Ltd has acquired a half-share of land and buildings occupied by 50% subsidiary Burnbridge Glass Pty Ltd in Newcastle after exercising a AUD 1 option to convert a loan of AUD 750,000 into the half-share. The directors valued the property at AUD 2.8 million. The company has started installation of a new glass tempering line at Burnbridge Glass and transferred a used CNC glass machining centre from its Moorebank factory to expand productive capacity. Flat Glass will purchase a 16,000 square meter property at Dandenong in Melbourne for AUD 3.2 million. The buildings on the site will be expanded and will be operated as a branch of Alternative Glass Supplies. The cutting, tempering and double-glazing machinery for the site is being ordered and it is planned that this branch will be fully operational for the whole of the 2009 financial year. The company placed 3 million shares at AUD 1.50 per share in December 2007 to raise AUD 4.5 million.