MIIF to divest assets, return cash to shareholders
Macquarie International Infrastructure Fund (MIIF) has unveiled an asset divestment plan to extract value for shareholders, following a strategic review.
The board said in a statement that its unit price does not reflect adequately the value of its infrastructure businesses.
The fund intends to distribute existing excess cash to shareholders as a one-off special dividend as well as pay out proceeds from any divestment to shareholders as soon as practicable.
In its review, which included an assessment by CIMB Bank and in consultation with a cross section of shareholders, the board found that: