Transurban confirms interest in Westconnex

Trevor Chappell | 12 Oct 2017

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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.

 

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