Published Thursday, 16 October, 2008 at 07:41 PM
Treasurer
The Honourable Andrew Fraser
Treasurer announces successful sale of Brisbane Airport shareholding
Queensland Treasurer Andrew Fraser today announced that despite the current state of global financial markets, the Bligh Government has reached agreement for the $289.4 million sale of its 12.4 per cent shareholding in Brisbane Airport.
Mr Fraser said the shareholding would be acquired by a number of existing shareholders of Brisbane Airport including Industry Funds Management, Schiphol Australia, entities of Colonial First State Asset Management and UniSuper.
“This shareholding was acquired by the State in 1997 for approximately $75 million and the successful sale nets a fantastic result for Queensland taxpayers.
“The sale price reflects the high quality of Brisbane Airport, which has been one of the fastest growing airports in Australia.
“It shows that investors have confidence in the long term growth prospects and fundamentals of the Queensland economy.
“It shows that despite the global financial situation, organisations are still keen to invest in quality assets.
“The Cairns and Mackay airport transactions are also progressing with continued strong interest in these airports, reflecting the quality of these assets,’’ Mr Fraser said.
Mr Fraser said the existing shareholders agreement required the government’s shareholding to be offered to other shareholders in Brisbane Airport and this process had delivered an excellent result.
“The government committed the proceeds of the sale to new hospitals in regional Queensland, and we are full steam ahead.
The proceeds from the sale of the shares in Brisbane Airport, along with the proceeds from the long term lease of Cairns and Mackay airports, will go towards new and expanded hospital facilities in Cairns, Mackay and Mt Isa.
“We took a strong policy decision earlier this year that government shouldn’t be in the business of running airports, but should be in the business of new and improved hospitals for growing cities across Queensland.”
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