Premier Statement: New QR National to be one of Australia's biggest companies

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Premier and Minister for the Arts
The Honourable Anna Bligh
08/12/2009

New QR National to be one of Australia's biggest companies

A listed Queensland Rail - to be called QR National - is set to be a top 50 ASX company and Australia's biggest coal transport and freight business.

Announcing the future structure of QR's businesses today, Premier Anna Bligh said the QR coal and freight network would be floated through a share offer, giving Queenslanders the chance to buy a stake in one of their own.

"The journey Queensland Rail starts today is also the start of a journey toward a new, stronger Queensland," Ms Bligh said.

"And this offers an opportunity for Queenslanders to own their own piece of a Queensland icon.

"Through their investment, they will get the opportunity to watch this business grow into a truly national and international company.

"QR's coal and freight businesses have a proud history of more than140 years. Now is the time for a brand new era for a true Queensland champion."

Ms Bligh confirmed the government would retain passenger services in public ownership, but would push through with its plan to sell the remaining businesses.

"This structure will see us establish a brand new Government-Owned Corporation exclusively for our passenger network.

"This GOC will be entirely focused on delivering the public transport system Queenslanders need. It will also hold the balance of the network."

Ms Bligh today also confirmed three other assets would be leased progressively from next year.

"We have taken advice from our commercial advisors, and they firmly believe that there is a growing appetite for these businesses in the market - the time is right."

Time frames

    * Port of Brisbane (a 99-year lease) - to market in mid 2010
    * Abbot Point (a 99-year lease) - to market in December 2010
    * QR coal and freight business (QR National) - list on the stock market at the end of 2010
    * Queensland Motorways Limited (up to 50 year franchise) - to market in mid 2011

The timber business, Forestry Plantations Queensland, was put to market on 26 November with the process expected to be completed by June.

8 December 2009


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