CIMIC Group

Last updated

CIMIC Group Limited
FormerlyLeighton Holdings
Company typeSubsidiary
IndustryConstruction, Civil engineering
Founded1949
Founder Stanley Leighton
Headquarters North Sydney, New South Wales, Australia
Revenue A$14.9 billion (2022) [1]
Number of employees
25,500
Parent Hochtief
Subsidiaries CPB Contractors
Leighton Asia
Broad Construction
Thiess
Sedgman
UGL
UGL Rail
Pacific Partnerships
EIC Activities
Website cimic.com.au

CIMIC Group Limited (formerly Leighton Holdings) is an engineering-led construction, mining, services and public private partnerships leader working across the lifecycle of assets, infrastructure and resources projects.

Contents

History

Logo used prior to April 2015 Leightonlogo.png
Logo used prior to April 2015

Founded in 1949 by Stanley Leighton, Leighton Holdings was first listed on the Melbourne Stock Exchange in 1962. [2] The company formed Leighton Asia, based in Hong Kong, in 1975. [3]

In July 1983 Leighton Holdings, purchased Thiess Contractors, with its major shareholder, Hochtief, becoming a shareholder in Leighton Holdings. [4] [5] [6] In April 1997, the Welded Mesh structural materials division was sold to Smorgon Steel. [7]

In 2000, Leighton Holdings bought a 70% stake in John Holland; this was increased to 99% in 2004 and 100% in December 2007. [8] Hochtief became a majority shareholder of Leighton Holdings in February 2001. [9]

In October 2013, Fairfax Media alleged that Leighton Holdings had made corrupt payments to Hussain al-Shahristani, Deputy Prime Minister of Iraq, to secure an oil pipeline contract in Iraq and other contracts. [10] Basil Al Jarah, the Iraq country manager for Unaoil, a Monaco-based company allegedly acting for Leighton Holdings, subsequently pleaded guilty to corruption. [11]

By March 2014, Spanish company ACS Group, through its acquisition of a majority shareholding in Hochtief, was the majority owner of Leighton Holdings. [12] In June 2014, Verdes also became chairman of Leighton's executive board. [13]

In December 2014, Leighton Holdings sold John Holland to China Communications Construction for $1.15 billion. [14]

In April 2015, Leighton changed its name to CIMIC Group (abbreviated from Construction, Infrastructure, Mining and Concessions). [15]

In March 2016, CIMIC purchased mining company Sedgman for A$256 million. [16] In December 2016, CIMIC purchased engineering company UGL Limited for A$524 million. [17]

In November 2021, the Ventia services division was spun off with CIMIC retaining a 33% shareholding. [18]

In March 2022, CIMIC was accused of arranging its affairs through the sale of its Middle Eastern business interests to avoid paying workers, subcontractors and suppliers in the region. Fatima Almass Al-Hamad, a judicial guard in Qatar, who was appointed by the court as an administrator of the Qatar business, Leighton Contractors Qatar, described the situation as "a humanitarian disaster". [19]

In April 2022, Hochtief increased its shareholding and commenced action to compulsorily acquire the remaining shares in CIMIC it did not own. [20] Following this, CIMIC was delisted from the Australian Securities Exchange and became a wholly owned subsidiary of Hochtief. [21]

Structure

CIMIC Group includes the following businesses: [22]

Major projects

Star City Casino in 2007 Starcitycasino.jpg
Star City Casino in 2007

Major projects undertaken by Leighton Contractors (renamed CPB Contractors in January 2016) include:

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References

  1. ↑ "Annual Review and Sustainability Report". CIMIC. Retrieved 12 October 2023.
  2. ↑ Verrender, Ian (20 March 2014). "Leighton Holdings could face fresh ASIC inquiry into potential write-downs". ABC News . Retrieved 25 February 2019.
  3. ↑ Sum, Lok-kei (2 February 2019). "Embroiled in controversy, Leighton Contractors (Asia) has been a familiar name in many of Hong Kong's big infrastructure projects of recent decades" . South China Morning Post. Retrieved 3 November 2022.
  4. ↑ "Leighton plans to merge with construction giant". Canberra Times. 9 June 1983. Retrieved 18 December 2024– via Trove.
  5. ↑ "Chances for profit curbed, Leighton chairman says". Canberra Times. 25 October 1984. Retrieved 18 December 2024– via Trove.
  6. ↑ "Into the 1980s | Our History | Thiess". web.archive.org. 3 January 2020. Retrieved 18 December 2024.
  7. ↑ Porter, Ian and Craig, Duncan (17 April 1997). "Smorgon Steel boosts stocks" . Australian Financial Review. Archived from the original on 22 April 2020. Retrieved 18 December 2024.
  8. ↑ "Australia's Leighton acquires 70% in John Holland". Asia Times. 25 January 2000. Archived from the original on 25 September 2000. Retrieved 2 April 2015.{{cite web}}: CS1 maint: unfit URL (link)
  9. ↑ "HOCHTIEF secures a majority stake in Leighton Holdings". 1 February 2001. Retrieved 24 August 2021.{{cite web}}: CS1 maint: url-status (link)
  10. ↑ Ryan, Peter; Lauder, Simon; Barry, Alicia; and Parker, Justine (7 October 2013). "Leighton Holdings accused of paying bribes in Iraq". ABC. Retrieved 4 January 2019.
  11. ↑ McKenzie, Nick; Baker, Richard; and Bachelard, Michael (22 July 2019). "Guilty plea in London exposes Australian company for alleged corruption". Sydney Morning Herald. Retrieved 4 January 2020.
  12. ↑ "Hochtief installs own CEO at helm of Leighton, sweetens offer to raise majority stake", Reuters , International, 2014, archived from the original on 14 March 2014, retrieved 30 June 2017
  13. ↑ "Leighton CEO appointed executive chairman". Fifth Estate. 11 June 2014. Archived from the original on 14 July 2014. Retrieved 27 December 2014.
  14. ↑ "Leighton signs agreement to sell John Holland to CCCC" (PDF). 12 December 2014. Archived from the original (PDF) on 27 December 2014. Retrieved 27 December 2014.
  15. ↑ Wiggins, Jenny (20 March 2015). "Leighton to change name to CIMIC in wake of corruption allegations". afr.com. Retrieved 18 December 2024.{{cite web}}: CS1 maint: url-status (link)
  16. ↑ Wiggins, Jenny (13 January 2016). "CIMIC makes $256m hostile takeover bid for Queensland's Sedgman". Sydney Morning Herald . Archived from the original on 26 February 2019. Retrieved 25 February 2019.
  17. ↑ Wiggins, Jenny (19 December 2016). "CIMIC to seize all of UGL after reaching 90pc threshold". Australian Financial Review. Retrieved 18 December 2024.
  18. ↑ Top 20 Shareholders and Shareholder Distribution Details Ventia 21 November 2021
  19. ↑ Ferguson, Adele and Gillett, Chris (3 March 2022). "Australia's biggest construction company, CIMIC, accused of not paying foreign workers in the Middle East". Australian Broadcasting Corporation . Retrieved 3 March 2022.
  20. ↑ Compulsory Acquisition of Shares in CIMIC Group Limited following takeover bid Clifford Chance 29 April 2022
  21. ↑ CIMIC Group Limited - Suspension from Official Quotation Australian Securities Exchange 6 May 2022
  22. ↑ "Our brands". CIMIC. Archived from the original on 20 April 2019. Retrieved 20 April 2019.
  23. ↑ Woden Parkway construction, The Canberra Times, Page 10, 19 September 1966
  24. 1 2 3 4 5 "About us: history". Leighton Holdings. Archived from the original on 11 December 2007. Retrieved 27 December 2014.
  25. ↑ Tallowa Contract Sets Record Archived 29 March 2016 at the Wayback Machine Leighton News Letter issue 16 August 1972
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  35. ↑ Malpeli, Gareth (8 March 1999). "Leighton To Build Narrows Bridge". The West Australian . p. 28.
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  37. ↑ "Leighton leads $700m buyout of Cross City Tunnel - Business - Business". Sydney Morning Herald . 20 June 2007.
  38. ↑ Westpac Place Leighton Properties
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