QLD Govt to sell rail assets

THE Newman Government announced the sale of $1.5 billion in shares of QR National this morning, reducing its stake in the rail freight company from 34% to 16%.

The deal involves a sale of $1 billion of shares via a selective buyback to QR National and a $500 million placement to a small number of cornerstone investors.

The shares have been valued at $3.47.

Treasurer Tim Nicholls indicated the government won't sell its remaining stake.

"We have been able to secure the best deal for Queenslanders in terms of the total sale figure and minimising the fees incurred," he said. "The LNP opposed the former Labor government's decision to sell QR National however we now have an obligation to Queenslanders to achieve the best possible outcome from the situation we inherited."