QLD govt sells $1.5B stake in QR National

Company News

The Queensland government says it will sell a $1.5 billion stake in QR National (ASX:QRN).

Under the terms of the deal, the government will sell $1 billion of shares via a selective buyback to QR National and a further $500 million to a small group of cornerstone investors.

The sale will see the government’s stake reduced to16 per cent from 33.9 per cent remaining a significant shareholder.

The government said last month it planned to sell it share in the rail freight company next year, as it geared towards reducing its debt figures.

The $1.5 billion sell-off represented a gain of about $400 million to the state’s bottom line.
QR National posted a net profit of $440.9 million in the 2012 financial year.