Macquarie International Infrastructure Fund Limited (MIIF) has agreed to sell its 81% effective interest in Hua Nan Expressway (HNE) in Guangdong, China.
The proposed divestment will be made to Topwise Consultants Limited, an existing shareholder of HNE, for a total cash consideration of US$110 million. It is subject to MIIF shareholders' approval.
Hua Nan Expressway is a fully operational 31-kilometre dual-carriageway urban toll road comprising six to eight lanes that through the centre of Guangzhou.
The proposed divestment is in line with the strategy to maximise returns to shareholders announced by the MIIF Board in December 2012 and endorsed by shareholders in March 2013. The pursuit of this strategy has resulted in the successful divestments of MIIF's interests in Taiwan Broadband Communications, Changshu Xinghua Port and Miaoli Wind, and the distribution of proceeds from these divestments to Shareholders.