Australia's CIMIC expects to take $1.8bn hit on Middle East exit - The National

Australia's CIMIC expects to take $1.8bn hit on Middle East exit - The National:

Australian contracting group Cimic is exiting the Middle East, a move which it says, could result in an A$1.8 billion (Dh4.5bn) hit to its bottom line.

The company, formerly known as Leighton Contracting, owned a minority stake in BIC Contracting, formerly known as Habtoor Leighton Group, since 2007, but is now in talks with a "shortlist of potential acquirers for all or part of BICC", the company said in a statement to the Australian stock exchange, where its share trade. 

"In addition, in the context of an accelerated deterioration of local market conditions, BICC is engaging in confidential discussions with its lenders, creditors, clients and other stakeholders," Cimic said in its statement.

“After a thorough evaluation of all available options, Cimic has decided to exit the region and to focus its resources and capital allocation on growth opportunities in its main core markets and geographies."