Australian construction company Cimic, which was formerly known as Leighton, said in an 26 August Australian stock exchange filing that it has entered into an agreement with Habtoor Leighton Group’s (HLG’s) two other shareholders that will allow Al-Habtoor Holdings to exit the business.

The deal involves Al-Habtoor Holding transferring its shares to the headquartered construction company’s other shareholder Riad Sadik, subject to final execution of the agreement. It is understood that Al-Habtoor Holding has a 27.5 per cent share in the business. Sadik also has 27.5 per cent, and Cimic holds 45 per cent.

Cimic says there will be a strategic review of the business following the change in shareholding.

Sadik is the chairman on HLG and founded Al-Habtoor Engineering Enterprises with Al-Habtoor Holding’s owner Khalaf al-Habtoor in 1970. He has been a director at HLG since it was founded in 2007 when Leighton acquired a 45 per cent stake in Al-Habtoor Engineering Enterprises.

The announcement of the agreement to change shareholding follows the release of HLG CEO and managing director of the local/Australian contractor Habtoor Leighton Group (HLG) José Antonio Lopez-Monis from custody in Dubai on 25 August.