QLD govt to sell QR National stake

Company News

The Queensland state government has confirmed it will sell its 34 per cent stake in Australia’s largest rail freight company, QR National (ASX:QRN).

Media reports suggest the government is expected to generate more than $2.8 billion in proceeds that is aimed at reducing its debt figures.

The sale is not expected to occur until next year.

QR National teamed up with iron ore miner Atlas Iron Limited (ASX:AGO) and Chinese owned Brockman Resources last month, to evaluate a proposal for a rail link to port in the Pilbara region of Western Australia. 

QR National posted a net profit of $440.9 million in the 2012 financial year.