CIMIC’s HLG wins $145M building contract in Dubai

Company News

by David Chau

Middle East-based HLG Contracting, in which CIMIC Group (ASX:CIM) has a 45% investment, has won a construction contract worth $145 million in revenue.

HLG will build ‘Al Garhoud Towers’ near Dubai International Airport.

Construction will commence this month and is scheduled for completion in the second quarter of 2018.

Earlier this week, CIMIC made an offer to acquire all the shares in Macmahon Holdings Limited (ASX:MAH) via an off-market takeover at 14.5 cents each. Macmahon is still considering its response to CIMIC’s offer.

CIMIC Group posted a net profit of $244.6 million at 30 June 2016.

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