Thames Water Stake Written Off by Australian Shareholder
- Queensland Investment Corp owns 5% of Thames parent company
- Thames in crisis, as its debt threatened with junk downgrade
A Thames Water works site in London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
A stake in Thames Water is now worth nothing, according to one Australian investor.
Queensland Investment Corporation, which owns about 5% of Thames, marked down the value of its investment to zero, Chief Executive Officer Kylie Rampa told a Queensland parliamentary hearing on Tuesday. Thames is in crisis after its parent company defaulted on its debts and shareholders refused to put more equity into England’s biggest water and sewage company.