Dubai-based Al-Habtoor Holding says it has completed the divestment of its shares in HLG Contracting, formerly known as Habtoor Leighton.

“I took a strategic decision to depart from Habtoor Leighton LLC (HLG), and my main focus shall be on Al Habtoor Group’s core businesses such as hospitality, real estate, automotive, education, and publishing,” said Khalaf Ahmad al-Habtoor, chairman of Al-Habtoor Group. “I am delighted to have founded such an exceptional construction company in 1970 which to date has built many landmarks in the UAE.”

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 HLG’s two other shareholders allowing Al-Habtoor Holdings to exit the business.

The statement said the deal involves Al-Habtoor Holding transferring its shares to the headquartered construction company’s other shareholder Riad Sadik. It is understood that Al-Habtoor Holding had a 27.5 per cent share in the business. Sadik had 27.5 per cent, and Cimic held 45 per cent.

Sadik is now understood to hold 55 per cent of the business.

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