Leighton Group plans 2016 IPO for Middle East JV
Published 24th May 2012
Australian infrastructure specialist Leighton has confirmed that it will be carrying out a partial flotation of its Middle East JV with the Al Habtoor Group, with an IPO scheduled by 2016.
Habtoor Leighton Group (HLG) has been keen to add water treatment to its water storage portfolio in the region, bidding for projects such as the Ghalilah SWRO plant in Ras Al Khaimah last year.
In anticipation of the IPO, the parent company said it plans to split up HLG into two parts, with the first focused on the recovery of large amounts of money still owed on legacy projects. This would leave a profitable rump business more suited to flotation, it said.
Leighton is keen to reduce its funding commitments to overseas parts of the business after having to make a A$254 million (US$247 million) pre-tax profit write-down on two of its assets, including the troubled Wonthaggi desalination plant.