Thursday 11 February 2016

Habtoor Leighton Group stays quiet on prospects for initial public offering | The National

Habtoor Leighton Group stays quiet on prospects for initial public offering | The National:

"The UAE-based contractor Habtoor Leighton Group (HLG) owes its Australian partner A$1.2 billion (Dh3.13bn) even as it received an equity injection of A$33.5 million from shareholders last year.

HLG was meant to be “IPO-ready by 2016”, according to previous statements made by its partners. However, newly filed accounts by co-owner Cimic Group, formerly Leighton Contractors, show that HLG still has liabilities of almost A$1.2bn in receivables, letters of credit, guarantees and shareholder loans.

Cimic owns 45 per cent of HLG, and it said the carrying value of its investment increased to A$444.7m in 2015 from $383.4m."



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