COSBOA names new chair and deputy chair; GWA Group sells Dux Hot Water for $46 million: Midday Roundup

COSBOA names new chair and deputy chair; GWA Group sells Dux Hot Water for $46 million: Midday Roundup

The Council of Small Business of Australia has appointed Paul Nielson as chair and Teresa Mitchell as deputy chair in an overhaul of its board.

Nielsen is the founder of Avantia Corporate Services and president of the Australian Institute of Business Brokers (AIBB).

Meanwhile, Mitchell is a delegate for coworking space The Hub Melbourne.

In a statement, Nielsen praised outgoing chair Robert Mallett.

“Robert Mallett, as the chair of COSBOA, has helped strengthen our place in the top tier of influence and advocacy through activities such as the Minister’s Advisory Council, the B20, a number of Economic Forums and various Committees,” Nielsen said.

“Robert has our sincere appreciation and thanks for the work he has completed and I am pleased that he will continue to take an active role as a director with COSBOA.”

GWA Group sells Dux Hot Water for $46 million

Queensland-based fixture and fittings company GWA Group will sell its solar hot water business Dux Manufacturing, and related entity Dux Hot Water, to Japanese hot water giant Noritz Corporation for $46 million.

The GWA Board said it had previously identified Dux Hot Water as a non-core asset of the business following a strategic review of the company. It said the sale was a part of “an extensive domestic and international sale process”.

GWA said the $46 million deal will be funded on a debt and cash-free basis, which is in line with the book value of Dux Hot Water.

“As previously advised the Board will look to return the excess funds received from sale proceeds to shareholders,” said the company in a statement.

The sale is expected to be completed next month.

Shares up on open

Aussie shares have made gains this morning, following positive leads from Wall Street overnight.

However, CMC Markets chief market analyst Ric Spooner said the Aussie dollar will drop to new lows as weak iron ore prices reveal mounting market concern over China’s economy.

“Markets received more good news on the US economy last night with news that the official estimate of 3rd quarter GDP growth has been increased to 3.9%. However, local investor focus is likely to be closer to home with mounting concern over China’s economy and release of quarterly construction work figures for our economy,” Spooner said.

The S&P/ASX200 benchmark was up 48.9 points, or 0.9%, to 5383.7 points at 12.17 AEDT. On Tuesday, the Dow Jones closed down 2.96 points, or 0.02%, to 17814.9 points.

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