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Toll Roads:
Hua Nan Expressway (HNE)

 
Investment Description
Date of acquisition 19 November 2007
Cost of acquisition(1) S$295.7 million
Valuation(2) S$329.8 million
MIIF's ownership 81% interest
% of MIIF portfolio 22.2%

(1)Originally announced acquisition price of S$329.5 million included S$295.7 million invested at acquisition, and S$33.8 million of acquisition adjustments contingent upon certain events.
(2) Based on 30 September 2008 valuations.

Asset overview

HNE is a 31-kilometre dual-carriage urban toll road in the city of Guangzhou, the capital of Guangdong province in China. It is the main artery for north-south traffic in Guangzhou, enabling easy access to south China. As a crucial urban infrastructure in one of China’s fastest growing economic regions, HNE is intersected by eight expressways, ensuring excellent connectivity.

Financials

Financial highlights for the
nine months ended 30 September 2008
RMBm
2008
2007
% change
Revenue
332.4
334.9
(0.7)
EBITDA
266.8
282.8
(5.7)
EBITDA margin
80.3%
84.4%
 
Distributions to MIIF (S$m)
-
-
n/a

Investment portfolio
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