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- Alinta Energy Shareholders Sign Binding Agreement to Sell Company to Chow Tai Fook Enterprises
Alinta Energy Shareholders Sign Binding Agreement to Sell Company to Chow Tai Fook Enterprises
The major shareholders of Alinta Energy Limited (“Alinta”) have entered into a binding agreement with Hong Kong based Chow Tai Fook Enterprises Limited (“CTFE”) for the sale of 100 per cent of the issued shares in Alinta.
The sale is subject to standard conditions including CTFE receiving FIRB approval, the process for which has already commenced.
CTFE is a private Hong Kong-based holding company owned and controlled by Dato’ Dr. Cheng Yu Tung’s family (“Cheng family”). CTFE has investments in over 50 countries spreading across Asia, Europe and The Americas. CTFE already has significant investments in Australia in real estate and integrated resorts, but Alinta Energy would be CTFE's first significant investment in the energy sector in Australia.
The investment by CTFE highlights the attractiveness of the Australian energy markets and is a strong endorsement of Alinta and its management team, which has been led for the last six years by Jeff Dimery. CTFE has confirmed that Jeff will continue as CEO of Alinta, and the existing senior management team will also be retained.
CTFE has indicated the acquisition is highly strategic. They are committed to ensuring the energy needs of Alinta’s customers continue to be met and intend to grow the business by pursuing value accretive investment opportunities in the Australian energy markets as they arise.
About Alinta Energy
Alinta Energy is a leading Australian utility with an owned and contracted generation portfolio of up to 1,957 MW, approximately 800,000 combined electricity and gas retail customers and approximately 410 employees across Australia and New Zealand. Alinta Energy is headquartered in Sydney, New South Wales.
CTFE is a private Hong Kong-based holding company owned and controlled by the Cheng family. The Cheng family has a diverse range of investments, with a focus on property development and investment, hospitality services, infrastructure, aircraft leasing, department stores, jewelleries and other consumer and retail businesses. CTFE controls New World Development Company Ltd. (Hong Kong stock code: 17), a listed blue chip conglomerate in Hong Kong. The New World Group of companies also comprises NWS Holdings Limited (Hong Kong stock code: 659) and New World Department Store China Limited (Hong Kong stock code: 825).