28th Jul 2014 09:21
LONDON (Alliance News) - HICL Infrastructure Company Ltd said it has committed GBP58.6 million in three new investments and in the acquisition of an incremental stake in an existing project since April 1, while it said it remains confident of meeting its dividend target for the full financial year ending March 31, 2015.
The closed-ended investment company said the largest investment in the period was the acquisition of a 5.9% stake in the AquaSure PPP project in Melbourne for GBP47 million which represents the HICL's first investment in Australia. The project is the largest desalination plant in the Southern Hemisphere, it said, and is structured as a PPP contract with availability payments from the state of Victoria.
"The company's performance continues to meet the board's expectations, driven by a quality portfolio and active asset management by the Investment Adviser's experienced team," HICL said in its interim management statement Monday.
It also said it remains confident that its target dividend per share of 7.25 pence for the financial year ending March 31, 2015 is achievable.
Looking ahead, the company said it will target social and transportation infrastructure across the UK, Europe, Australia and Canada. However it will not "compromise its investment standards" by acquiring projects with inadequately structured contractual arrangements or by making overly-optimistic assumptions with regard to key revenue and cost variables which can inflate valuations but are unlikely to be fulfilled over the long term.
HICL shares were quoted down 0.10 pence at 141.70 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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