In June 2012, the Board of Macquarie International Infrastructure Fund (MMIF) initiated a strategic review to consider a range of alternatives focussed on generating value for Shareholders.

Macquarie International Infrastructure Fund (MIIF) is an Asia-focused listed infrastructure owner and operator of private infrastructure businesses.

The alternatives mentioned above included:

• the continuation of MIIF in its current form,
• the revision of MIIF's investment mandate,
• the changing of MIIF's structure and its listing jurisdiction,
• asset divestments,
• the wind-up of MIIF, and capital returns.

On 18 December 2012, the Board completed the Strategic Review, helped by CIMB Bank Berhad, Singapore Branch (CIMB) and with a consultation with a cross section of Shareholders. The Board concluded that in order to maximise value for Shareholders, the strategy for MIIF should change. As a result, the Board decided to undertake the following initiatives:

• distribute existing excess cash to Shareholders as a special dividend;
• commence a joint process with Macquarie Korea Opportunities Fund (MKOF), MIIF's co-shareholder in Taiwan Broadband Communications (TBC), to realise maximum value for the investment in TBC and to pursue the divestments of MIIF's interests in Hua Nan Expressway, Changshu Xinghua Port and Miaoli Wind. Such divestment options could include a trade sale or initial public offering of the businesses;
• distribute the proceeds from any divestments to Shareholders as soon as practicable; and
• allow MIIF's corporate-level debt facility to lapse upon maturity and not renew such debt facility.

The new strategy will lead to the winding down of MIIF. And, MIIF will not make any further acquisitions.

The first movement within this strategy is the initial public offering of TBC. MIIF will divest its 47.5% interest in TBC to a Trustee-Manager of Asian Pay Television Trust (APTT). APTT is a business trust recently created by Macquarie and registered with the Monetary Authority of Singapore).

MIIF has registered on the Main Board of the Singapore Exchange Securities Trading Limited to execute an IPO of the above mentioned Trust owning Taiwan Broadband Communications (TBC).

Source: MMIF