Qld to float rail business

Posted on 14/12/2009  

The Queensland Government will float its $7 billion coal and freight rail business late in 2010, after it overhauled its $16 billion privatisation strategy. Queensland Rail is considered the pick of the state assets that the Government first planned to sell. It has now decided to offload QR's coal and freight network by an initial public offering and lease out Abbot Point Coal Terminal, the Port of Brisbane and Queensland Motorways. The Government will retain ownership of QR's passenger business. The coal and freight arm is to be renamed QR National and floated in the last quarter of next year. It will be an ASX top-50 company and the largest business of its kind in Australia. The Government will retain a stake of 25-40% in the listed entity, but will sell down its interest over time.


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