Sydney Airport Sold

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Last updated at: (Beijing Time) Tuesday, June 25, 2002

Sydney Airport Sold

The Australian government announced Tuesday that the Sydney airport was sold to the Macquarie Bank Ltd-led Southern Cross consortium.

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The Australian government announced Tuesday that the Sydney airport was sold to the Macquarie Bank Ltd-led Southern Cross consortium.

It was announced in Sydney by Transport Minister John Anderson, the Australian Associated Press reported.

The sale was the biggest one in Australian government history, which was for 5.58 billion Australian dollars (3.17 billion U.S. dollars).

Under the terms of the sale, Southern Cross will acquire all ofthe outstanding shares in Sydney Airports Corp Ltd, the airport lessee company which operates and manages Sydney Airport under a 99-year lease from the Commonwealth.

Since 1980s, Australia's big government-owned enterprises have been sold in succession, including banks, airlines and telecommunications. At present, the government holds 50.1 shares of Telstra, the biggest telco company in the country and indicated to sell the remaining part.

The earnings from the sales was spent to reduce the high public debt.

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