Energy utility owner Duet Group has launched a $200 million capital raising to finance the purchase of the 20 per cent of the main Western Australian gas transmission line it does not already own.
Trading in Duet shares have been suspended after the company launched the raising to pay Alcoa $205 million for its stake in the Dampier-Bunbury pipeline, which would bring it entirely under Duet's control.
"The acquisition of the remaining 20 per cent interest in DBP further simplifies our group structure," Duet chief executive David Bartholomew said in a statement on Thursday.
Duet said the acquisition and capital raising should not materially change its distribution guidance for the next three financial years, which is for 18.0 cents per stapled security in FY16 rising to 19.0 cents in FY18.
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