January 3, 2008 / 4:07 PM / 11 years ago

Brookfield Asset sets date for infrastructure spinoff

(In U.S. dollars unless noted)

TORONTO, Jan 3 (Reuters) - Brookfield Asset Management Inc (BAMa.TO) said on Thursday it has set Jan 14 as the date for the spinoff, worth about $600 million, of a new publicly traded partnership for infrastructure assets.

A 60 percent stake in Brookfield Infrastructure Partners L.P. will be spun off through a special dividend to Brookfield Asset class A and class B limited voting shareholders.

Each shareholder will receive one unit of Brookfield Infrastructure for every 25 Brookfield shares held.

“We remain focused on enhancing shareholder value and building out each of our operating platforms to enable us to achieve our long-term goals,” said Brookfield Chief Executive Bruce Flatt in a statement.

“The spinoff of Brookfield Infrastructure Partners is another step in this direction, as it will provide investors with an attractive, focused infrastructure vehicle, facilitating access to the capital markets to fund our infrastructure growth plans.”

Brookfield Infrastructure is scheduled to begin trading Jan 31 on the New York Stock Exchange under the symbol “BIP”. Its initial quarterly distribution has been set at $0.265 per unit.

The company said that the partnership will hold interests in five electricity transmission and timber operations in North America, Chile and Brazil. Brookfield said it will become its primary means of owning and operating certain global infrastructure assets.

On the Toronto Stock Exchange, Brookfield shares were up 31 Canadian cents, or 0.9 percent, at C$35.69 on Thursday morning. ($1=$0.99 Canadian) (Reporting by Leah Schnurr; Editing by Peter Galloway)

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