The board of Macquarie International Infrastructure Fund (MIIF) has announced the retirement of John Roberts as chairman and director of MIIF. He will be replaced by deputy chairman Heng Chiang Meng. Roberts remains executive chairman of Macquarie Funds Group, Macquarie’s funds maangement business.
MIIF is a Bermuda-registered, Singapore-listed investor in toll roads, ports, renewable energy and communications infrastructure businesses. It is managed by Macquarie Infrastructure Management, a subsidiary of Macquarie Group.
Roberts spent five years as chairman and director of MIIF. He joined Macquarie in 1991 and has held a host of senior roles within the organisation including chairman of Macquarie Funds Group, head of Europe, joint head of Macquarie Capital Advisers and global head of Macquarie Capital Funds.
Having been deputy chairman of MIIF since 2005, Chiang Meng previously held a number of leading industrial roles including group chief executive officer of Lim Kah Ngam, a Singapore-listed hotel, construction and property chain; executive director of Far East Organization Group, one of the largest property groups in Singapore and Hong Kong; and head of treasury at Citibank in Singapore and Hong Kong. From 1984 to 2001, he served four terms as a Singapore Member of Parliament.
In a statement, he said: “On behalf of the Board, I would like to thank John Roberts for his leadership as chairman of MIIF for the past five years. John leaves MIIF well positioned for growth and with a stable and experienced board and management team in place.”
In addition, MIIF has announced the appointment of Francis Kwok to its board. Kwok joined Macquarie Group in 1997 and is currently a senior managing director based in Asia as well as being a member of the investment committees or boards of a number of Macquarie-managed infrastructure funds. He was previously global chief operating officer of Macquarie Infrastructure and Real Assets, the alternative asset management division of Macquarie Group.
Also today, MIIF announced it had achieved financial close on its subscription for shares and other instruments issued by Cable TV, the holding company of Taiwan Broadband Communications, the Taiwanese cable operator. The subscription represented a 12.5 percent interest in the company for a total consideration of S$143 million (€80.5 million; $115.8 million).
Prior to the subscription, MIIF held a 40 percent stake in Cable TV and the Macquarie Korean Opportunities Fund (MKOF) a 60 percent stake. The subscription lowered these interests to 35 percent and 52.5 percent respectively, with MIIF’s new shares and instruments bringing its stake up to 47.5 percent.