mig cintra

distributions comingMacquarie Infrastructure said that under the terms of its original acquisition of an interest in Cintra in January 2002, it was agreed that Ferrovial and Macquarie Infrastructure would by July 15, 2004, review the strategic alliance to determine the future development of Cintra.

Options included the listing of Cintra.

"That review has now taken place and it has been agreed that listing Cintra would be in the best interests of Cintra shareholders," Macquarie Infrastructure (MIG) said. advertisement

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MIG currently holds 40 per cent of Cintra while Ferrovial holds the remaining 60 per cent.

The final structure of the IPO is yet to be determined.

However, a direct 13.87 per cent shareholding of the 407 ETR tollway will be transferred to Cintra in exchange for 11.99 per cent of MIG's investment in Cintra. This will give MIG a 30 per cent direct interest in 407 ETR post the IPO, MIG said.

MIG will sell down its remaining stake in Cintra through the IPO.

MIG chief executive officer Stephen Allen said based on valuation materials received by MIG from a leading investment bank, MIG would receive cash proceeds in excess of euro1.0 billion ($A1.75 billion) subject to the final pricing of the IPO.

He said MIG anticipates returning the proceeds to MIG security holders following completion of the IPO.
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