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Finance

01 Jul 1999

Canada: CN is to offer for sale four million common shares to raise US$250m, in addition to convertible preferred securities worth US$200m. The proceeds will be used to reduce outstanding debt, finance strategic investment and pursue new business opportunities.

China: Hong Kong MTR Corp has appointed Goldman Sachs as Lead Financial Adviser for its proposed partial privatisation, with ABN AMRO Rothschild as Junior Financial Adviser.

Great Britain: On May 27 Railtrack announced its preliminary results for the year to March 31, with operating profit before property contributions up 8% to £430m. Turnover was up 3·5% at £2·5bn, including £2·1bn of revenue from passenger franchises and £169m from freight.

Macedonia: The World Bank has agreed to lend US$32m for improvements to the rail and road networks.

Spain: The Madrid regional government is to provide Pts5·8bn for covering Renfe tracks through the southern suburb of Villaverde by 2001, with the Ministry of Development contributing Pts1bn.

Renfe has signed an agreement with the Castilla y León regional government to upgrade the Avila - Fuentes de Oñoro, Avila - Medina del Campo, Valladolid - Burgos, Palencia - León and Medina del Campo - Zamora routes for 220 km/h operation between 1999 and 2003. EU funding will meet 60% of the Pts15bn cost, with the balance to be shared equally.

Ukraine: The government has guaranteed a US$15m loan from a Spanish bank for the modernisation of UZ's passenger car fleet.

USA: A $3 airport departure tax has been approved to help underwrite $43m in bonds that Port of Portland is raising to part fund the $125m cost of an 8·85 km light rail extension to Portland International Airport. Bechtel Enterprises and Trammell Crow are providing 22·5% of the cost in return for development rights on land near the airport.