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FINANCIAL NEWS
Leighton pumps USD272m in Al Habtoor
11 Apr 2011
(MENAFN) Leighton Holding’s CEO, David Stewart, said that the company raised USD800 million from shareholders and pumped USD272 million in its UAE venture, in order to counter write-downs in Al Habtoor Leighton, reported Arabian Business.
Stewart added that the contracting company’s profits from infrastructure projects in Australia as well as earnings from Al Habtoor Leighton didn’t reach expectations of USD480 million.
He said that although the company has to solve financial problems, and to focus on investment projects in ME, it would go back to normal earnings and growth rate in the coming years.
It is worth noting that Al Habtoor Leighton was founded four years ago when Leighton bought a 45 percent stake in Al Habtoor Engineering in Dubai for USD918 million.
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