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Hong Kong conglomerate agrees to buy Alinta

Business

The owner of the Northern Power coal-fired station that closed in South Australia last year has been sold to a Hong Kong jewellery and property conglomerate.

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Chow Tai Fook Enterprises Limited (CTFE) has agreed to buy Alinta Energy, with the price widely reported to be $4 billion.

“The investment by CTFE highlights the attractiveness of the Australian energy markets and is a strong endorsement of Alinta and its management team,” Alinta said in a statement today.

The company said the sale was subject to standard conditions including CTFE receiving FIRB approval, the process for which has begun.

Alinta said CTFE was a private Hong Kong-based holding company owned and controlled by Dato’ Dr. Cheng Yu Tung’s family.

While CTFE already had real estate and resort investments in Australia, Alinta would be CTFE’s first “significant investment” in the energy sector in Australia.

Current CEO Jeff Dimery and the exsiting senior management team would be retained.

The company closed its coal mine in Leigh Creek last year, with the Port Augusta power station – which was fed by the mine – closing the following month.

The closure led to a problem with fly ash from the closed station’s storage dams polluting the town’s air over summer.

– with AAP

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