9th Oct 2014 09:08
LONDON (Alliance News) - HICL Infrastructure Company Ltd Thursday said it has acquired a further 3.4% stake in the Victorian Desalination public?private partnership project for AUD46.0 million, increasing its interest in the project to about 9.3%.
Public-private partnerships are arrangements between the public and private sector under which the latter takes over some of the services that fall under the former's area of responsibility.
In a statement, HICL said the additional stake is beneficially held through an Australian company. It was acquired from a number of private investors using the company's existing cash and debt resources.
HICL said the AUD46.0 million price tag is in line with the valuation of other similar assets in its portfolio.
The project was procured under the Australian state of Victoria's Partnerships Victoria Policy. It is the largest desalination plant in the southern hemisphere, according to HICL, capable of producing 444 megalitres of drinking water per day.
The project became fully operational in December 2012.
HICL's investment adviser is InfraRed Capital Partners Ltd, which has offices in Hong Kong, New York, Paris and Sydney, on top of its head office in London.
HICL shares were Thursday quoted up 0.1% at 145.90 pence.
By Samuel Agini; [email protected]; @samuelagini
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