20 December 2011

Increased Investment in Flinders Ports

ICG is pleased to announce that DIT has increased its stake in Flinders Ports. The acquisition was completed as part of a sale process undertaken by one of the existing shareholders under which it sold down part of its total interest.

Local DIT is now Flinders Ports largest shareholder, and the new investment will entitle Local DIT to an additional Board seat, giving Local DIT (the investment vehicle through which Flinders Ports investment is held together with Statewide Superannuation) three Board seats out of the current six.

DIT portfolio manager Tom Laidlaw said DIT was very pleased to increase its investment in Flinders Ports stating: ‘Since we made our first investment in June 2010, Flinders Ports has performed exceptionally well. This investment provides additional Board representation and demonstrates our long-term commitment to the company.’

Flinders Ports owns and operates seven commercial ports in South Australia, being Port Adelaide, Port Lincoln, Port Giles, Klein Point, Thevenard, Wallaroo and Port Pirie. It is one of South Australian key infrastructure assets and provides a range of port-related services, including container, bulk (grain), break bulk (motor vehicles) handling services, port management services, shipping infrastructure management and port consultancy service.