Macq Intl Infra Fund

Macq Intl Infra Fund: Toll rate on Hua Nan Expressway to be reduced from avg rate of Rmb0.75/km to Rmb0.60/km. This was after notification from Guangdong authorities to standardise all highway tolls at the rate of Rmb0.60/km. The notice also changes the methodology of calculating toll-able distance of slip roads. Co has a 81% interest in the expressway and expects revenues to be reduced by 20-25% for the expressway. Co will seek a resolution on this matter and is currently in discussions with the govt. A semi-annualdividend of 2.75c has been declared. Another company to highlight would be China Merchant Hldgs although co does not appear to operate in Guangdong and the actual toll rate per km is unknown. The company has a highway in Guangxi.