Queensland Says Selling A$806 Million Aurizon Stake

Queensland’s state government is selling half its stake in Aurizon Holdings Ltd., Australia’s biggest transporter of coal by rail, for about A$806 million ($839 million) to pay down debt, the Treasurer said.

The state is selling 200 million shares at A$4.03 each, Treasurer Tim Nicholls said in an e-mailed statement March 16. Its holding in Aurizon will fall to 8.9 percent, or 189.2 million shares, from 18.2 percent, when the sale is completed, he said. UBS AG is offering the shares to investors, the Australian Financial Review newspaper reported.