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Publish Date : 26-Mar-2014

Habtoor Leighton Group (HLG) has secured a US$1.7 billion worth of contract in Qatar in partnership with Al Jaber Engineering.

HLG, a subsidiary of Leighton Holdings (LEI) with bases in the Middle Eastern region, serves the North African region as well.

The project is likely to be accomplished in the year 2017.

As part of the joint venture, the global contractor, which is 45% owned by LEI, will make design and build the New Orbital Highway and truck road close to the Qatari capital of Doha on behalf of Ashghal, the public works authority of the Gulf state.

The CEO of HLG - Jose Antonio Lopez-Monis remarked, "Qatar is a very important market for HLG. We have had a local officer in Doha since 2005, and during this time we have been involved in a number of projects perfectly aligned with our expertise and experience."

He added, "The Orbital Highway is a major opportunity for HLG and our joint venture partner Al Jaber Engineering, and we are pleased to have been selected by Ashghal to work in partnership with them to deliver such an important element of national infrastructure for Qatar."

At present, Leighton Holdings' majority shareholder Hochtief is having plans to increase its interest in LEI.

The proportional takeover offer of Hochtief for Leighton Holdings, if successful, will result in augmentation of Hochtief's stake in the latter to around 73.82%.

Hochtief will record accomplishment, provided that the LEI investors become prepared to sell 3 out of their every 8 Leighton shares for $22.50 apiece.

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