Cimic Group (ASX: CIM) has risen 2.71% in the last five days (as at July 01, 2016) on account of winning various contracts. CIMIC Group company Leighton Contractors (Asia) Limited has been
selected by the Government of the Hong Kong Special Administrative Region with regard to construction of a Columbarium and Garden of Remembrance. This contract is expected to generate revenue to CIMIC of about A$320 million.
Group company Leighton Asia through its subsidiary Leighton India Contractors has also entered into an
alliance agreement for the delivery of phases two and three of the Maker Maxity project in Mumbai in India. The agreement is expected to generate revenues of approximately A$223 million (approximately USD 169.5 million) for the company. The Maker Maxity project is a premium mixed use development located in the Bandra Kurla complex, which is an area that is developing into a major investment banking hub; and phases two and three consist of a premium retail and hospitality development. CIMIC group executive chairman and chief executive officer Marcelino Fernandez Verdes said that the award illustrated the reputation of Leighton Asia in delivering excellent results and is a major achievement in a competitive market. Leighton Asia managing director Manuel Alvarez Munoz said that the company was delighted to secure the
first major project with the Maker Group, which is one of the most prestigious developers in India. Leighton Asia brings its international experience, wealth of local knowledge and commitment to safety and quality to facilitate the timely completion of this major project. The scope of the work includes retail development as well as hospitality development. The work commenced in June 2016, with completion targeted for mid-2019.
The group owns 29% of Nextgen group and lately announced for sale of Nextgen Group assets worth $861 million to Vocus Communications. The group was formerly known as Leighton Holdings and changed its name to CIMIC Group as the new Spanish owners of the group sought to distance themselves from allegations of corruption and jettisoned the brand which has existed for more than 60 years.
CIMIC stands for Construction, Infrastructure, Mining and Concessions and has followed the acquisition by the Spanish construction group ACS one year ago and the subsequent restructuring of the group. The board regarded the change in name as appropriate to support the transformation to a new operating model and the new name is intended to provide a better idea of what the group is and what it does.
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