Transurban confirms interest in Westconnex

Trevor Chappell | 12 Oct 2017

Page 1 of 1

MELBOURNE - [AAP] Transurban (ASX: TCL) has confirmed its interest in Australia's largest infrastructure project, with the toll road operator evaluating the NSW government's proposed sale of 51 per cent in WestConnex.

The road, which is touted as enabling motorists to travel about 50km from Sydney's west to the edge of the CBD without any traffic lights, is owned by Sydney Motorway Corporation and expected to be completed in 2023.

"Transurban is evaluating the WestConnex registration of interest and expects to participate with partners in the NSW government's sell-down of a 51 per cent stake in Sydney Motorway Corporation," Transurban said in on Thursday.

The ASX-listed firm did not give any further details or say whether it was looking at a joint bid.

It did not return calls for comment.

The NSW government called for registrations of interest in the Sydney Motorway Corporation stake in September, a month after confirming it will pursue the sale to help fund the final stage of WestConnex.

The government will retain 49 per cent of SMC and its assets.

Transurban also said on Thursday that it collected $567 million in toll revenue in the three months to the end of September--up 10.5 per cent on a year earlier on a statutory basis.

Transurban's preferred measure, proportional toll revenue, increased by 11.4 per cent to $589 million.

Sydney proportional toll revenue increased by 12.3 per cent to $239 million.

The group's average daily traffic lifted by 1.1 per cent, with growth in Sydney, Brisbane and on its US roads offset by disruption in Melbourne from the $1.3 billion CityLink Tulla widening.

The CityLink Tulla widening is expected to open three months ahead of schedule in late October.

Transurban has also released its first GPS tolling app, LinktGO, which has the account attached to the driver rather than the vehicle.

Transurban said the app works on all roads in Australia and allows customers to pay directly from the app without a tag or retail account.

Shares in Transurban were 7.0 cents, or 0.6 per cent, higher at $12.13 at 11214 AEDT.


AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

This report appeared on 2018 Morningstar Australasia Pty Limited

© 2018 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This information is to be used for personal, non-commercial purposes only. No reproduction is permitted without the prior written content of Morningstar. Any general advice or 'class service' have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), or its Authorised Representatives, and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Please refer to our Financial Services Guide (FSG) for more information at Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product's future performance. To obtain advice tailored to your situation, contact a licensed financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). The article is current as at date of publication.