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CITYSPRING INFRASTRUCTURE TRUST: STRONG PERFORMANCE ON FIRST DAY OF TRADING
12 February 2007, Singapore
The CitySpring Infrastructure Trust ("CitySpring") started trading on the Main Board of the Singapore Exchange at 2.00 p.m. today. At the close of trading today, the last done price of the units was $1.48, which is 66.3% above the initial public offering price of $0.89, with over 156.3 million units traded.
Commenting on the performance of CitySpring's trading debut, Mr Fai AU YEUNG, Chief Executive Officer of CitySpring Infrastructure Management Pte. Ltd. (the "Trustee-Manager") said: "We are very pleased with the strong performance of CitySpring on its trading debut today. We believe that this is a testament of investors' confidence in us and our growth potential.
"There are good prospects for the infrastructure sector in Asia. We believe this is a region with one of the highest growth rates. This, in turn, will create a large pool of assets to be financed and properly managed."
"CitySpring will follow an investment strategy focused on acquiring infrastructure assets which provide regular and predictable cash distributions and the potential for long-term capital growth," Mr Au Yeung added.
About the CitySpring Infrastructure Trust
The CitySpring Infrastructure Trust ("CitySpring") is the first infrastructure business trust registered with the Monetary Authority of Singapore.
As a pioneer in a new asset class in Singapore, and with sponsorship from Temasek Holdings, CitySpring aims to position itself as a leading player in a growing sector, by achieving significant growth through acquistions. It has been established with the principal objective of investing in infrastructive assets and providing Unitholders with long-term, regular and predictable distributions and the potential for long-term capital growth.
CitySpring's initial portfolio comprises 100% of the City Gas Trust, the sole producer and retailer of town gas and the sole user of the low-pressure piped town gas network in Singapore, and 70% of the SingSpring Trust, the sole supplier of desalinated water to the PUB, Singapore's national water agency.
About CitySpring Infrastructure Management Pte. Ltd. (Trustee-Manager)
The Trustee-Manager sets the strategic direction of CitySpring and decides on the acquisition, divestment or enhancement of assets of CitySpring in accordance with stated investment strategy.
The Board of the Trustee-Manager is made up of individuals with a broad range of commercial experience, including expertise in the infrastructure industry. The majority of the Directors are non-executive and independent of the management of the Trustee-Manager.
Members of the management team have extensive experience in the infrastructure market and have established track records in negotiating, structuring and financing investments in infrastructure assets and managing infrasteructure assets.
For media queries, please contact:
Singapore
Ivan Tan
Weber Shandwick
Tel: (65) 6825 8027
Mobile: (65) 9635 9765
Email: itan@webershandwick.com
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