UIL Brisbane business sold

The company last week issued a don't sell notice and has now announced a conditional sale of the CSX World Terminal business in Brisbane.

Utilico has a 50% share of the company, which it says is being sold to Patrick Stevedores operation No.2 Pty Limited for an amount in excess of original cost.

"Patrick Stevedores' obligations under the agreement are guaranteed by Lang Corporation Pty Ltd, while CSX World Terminals Brisbane's obligations are guaranteed by UIL and its joint venture partner," Utilico says.

The cashed-up utilities investor says the previous directors' advice to shareholders not to sell their shares will remain in place until the transaction has gone unconditional, which is expected to be in the next few weeks.

"At that time full details of the transaction will be advised to shareholders."

The company says it also expects to update shareholders about proposals for a further capital reduction at the same time.

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