Centrica plc today announced that its Direct Energy subsidiary in North America has sold its remaining 19.9 per cent. equity holding in The Consumers’ Waterheater Income Fund (CWIF) (TSX: CWI.UN) in Canada for C$133 million (£65 million).
The sale was made to a syndicate of Canadian banks for onward sale to retail and institutional investors.
This transaction does not impact Direct Energy’s long term services and administration agreements with CWIF, which remain a significant component of Direct Energy’s home services business in Canada.
The decision by Centrica to sell follows a previous reduction in its holding from 41.9 per cent. to 19.9 per cent. in April 2003.