Alinta Energy Limited (Alinta) has been sold to an overseas company.
The major shareholders of Alinta have entered into a binding agreement with Hong Kong based company, Chow Tai Fook Enterprises Limited (CTFE), for the sale of 100 per cent of the issues 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.
CTFE has confirmed that Jeff Dimery 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.