FIRB Approves Sale of Alinta Energy to CTFE
Alinta Energy Limited (“Alinta”) has been advised by Chow Tai Fook Enterprises Limited (“CTFE”) that the Foreign Investment Review Board (“FIRB”) confirmed the Commonwealth has no objections to CTFE acquiring 100 per cent of the issued shares in Alinta. Financial close will occur by the end of April.
CTFE is a private Hong Kong-based holding company, owned and controlled by Dato’ Dr Cheng Yu Tung’s family (the Cheng family). CTFE has investments in over 50 countries across Asia, Europe and The Americas.
Alinta’s CEO, Jeff Dimery said, “CTFE has a track record of success across a range of sectors. With a heritage tracing back to 1929, CTFE has a reputation for establishing lasting relationships with stakeholders, growing businesses and delivering a positive legacy in local communities.”
This investment is a strong endorsement of the Alinta business and its strategy. CTFE has confirmed that Jeff will continue as CEO of Alinta, and the existing senior management team will also be retained.
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 is headquartered in Sydney, New South Wales, with a significant presence in Western Australia, including a local customer contact centre.
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, jewellery and other consumer and retail businesses. CTFE controls New World Development Company Limited. (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).