Apr 06, 2016
By Jane Brown
It’s a move that could raise almost $2-billion more for the Ontario government.
The Kathleen Wynne Liberals at Queen’s Park are selling more shares of Hydro One.
In the secondary offering, more than 72 million shares are to be sold for $23.65 each, for total gross proceeds of about $1.7 billion.
Another 10.8 million common shares could be sold for up to 30 days following closing, raising the total gross proceeds to just under $2-billion.
Energy Minister Bob Chiarelli’s office says with the latest stock sale, the province remains on track to generate about $9-billion dollars through broadening ownership in Hydro One.
The individual in charge of the sell-off says the privatization of Hydro One will likely be completed before Premier Wynne’s Liberals face re-election in 2018.
“The 60-percent privatization mark will probably be reached before the election,” said Ed Clark, the retired banker now serving as a business and assets advisor to Wynne.
Net proceeds of the offering are to be invested in transit, transportation and other infrastructure.