Hong Kong’s Cheng family buys Western Australia’s largest gas retailer
Linus Unah – Fourth Estate Contributor
Melbourne, Australia (4E) – Hong Kong-based Chow Tai Fook Enterprises (CTFE) has agreed to buy Western Australia’s largest gas retailer Alinta Energy for an undisclosed fee.
The major shareholders of Alinta Energy agreed to sell 100 percent of the company’s assets to the world’s largest jewelry company, Alinta Energy said in a news release Friday.
The sale is subject to regulatory approvals.
The acquisition is CTFE’s first significant investment in Australia’s energy sector, though it has investments in real estate and integrated resorts in the country.
CTFE is a private Hong Kong-based holding company owned and controlled by the Cheng family. CTFE has investments in over 50 countries spreading across Asia, Europe and The Americas.
“CTFE has indicated the acquisition is highly strategic,” Alinta Energy said in a statement. “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.”
The chief executive of the Sydney-headquartered company Jeff Dimery will remain in his role, according to Australia’s ABC News. Other senior management team will also stay.
CTFE is a private company with investments in more than 50 countries.
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