Prime not the buyer of additional DBCT stake
Prime Infrastructure says it is not the new owner of the 2% stake in Dalrymple Bay Coal Terminal (DBCT) which Brookfield Asset Management recently sold.
Dalrymple Bay Coal Terminal (Photo: Southern Cross Maritime)
Brookfield's stake in DBCT fell to 46% in January after it sold an interest to a party with which it had "a long-term relationship".
A spokesman for Prime Infrastructure, formerly known as Babcock & Brown Infrastructure, said its DBCT stake was still 50.1%.
Under the agreement, Prime has first choice of buying back Brookfield's stake in DBCT should the Canadian investor opt to sell it at a "specified price" after five years.
Brookfield said that it planned to lower its stake further to 44%.
In November, Prime handed over 49.9% stake in the world's third largest coal export terminal to Brookfield as part of a $1.8bn package to rescue the debt-laden company.
