Babcock & Brown Infrastructure may sell 50% of Powerco

Sydney-based BBI is seeking partners to invest in two core assets, Powerco and WestNet Rail, which operates a 5,100km rail network in the southern half of Western Australia, it said in a statement. The decision follows a review started in June to strengthen BBI's balance sheet and free up cash for investments.

The sale comes four years after a unit of BBI, then Prime Infrastructure Networks, acquired Powerco from interests including local government organisations for NZ$680 million. The stock rose 2.2% to 90 cents today. It tumbled as much as 27% on June 13, after its parent's shares slid on concern it may have to make early repayment of loans.

By Jonathan Underhill

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained