Vector gas assets on block?

Vector is considering offers for its gas transmission and nonAuckland gas distribution arms, with a Hong Kong billionaire among those reportedly interested.

Vector is majority-owned by the Auckland Energy Consumer Trust, which pays out a dividend each year to power users who fall within its zone. More than 316,000 Auckland households, schools and businesses received a $335 rebate last year.

The electricity and gas company told the NZX it had received unsolicited offers for the two gas businesses, and had hired Goldman Sachs to assess the strategic options.

‘‘Whilst the board and management of Vector believe these are highly attractive assets, we constantly review our portfolio and will always consider offers which maximise value for our shareholders,’’ the company said.

It said the market would be updated on any developments.

The Australian Financial Review reported that ASX-listed APA Group and DUET Group were taking a close look the businesses.

Cheung Kong Infrastructure, which paid $785 million for Vector’s Wellington electricity network in 2008, is also expected to be interested.

The largest infrastructure company in Hong Kong is controlled by a conglomerate chaired by businessman Li Ka-Shing.

Estimated by Forbes magazine to be the world’s 20th richest man, the tycoon has reportedly amassed a fortune of US$31 billion (NZ$37b).

Cheung Kong Infrastructure has paid very little tax in New Zealand since purchasing the Wellington network.

While the business has remained highly profitable, its profits have largely been offset by interest on huge debts, much of which is lending to related parties.

Cheung Kong Infrastructure also bought EnviroWaste in 2013, which has in turn recently bought commercial waste collection firm Mastagard Group.