The conditions present in the Share Sale Agreement between Leighton Holdings (LEI) and CCCI have now been finalised allowing for the transfer of shares resulting in the ownership of John Holland and its subsidiaries transferring to CCCI yesterday, April 20, 2015.
CCCI is a wholly owned subsidiary of China Communications Construction Company Limited (CCCC). CCCC is the largest listed company in the international infrastructure and engineering sector. By activity, the company is currently ranked #187 on the Fortune 500 list and #4 in Global Contractors by Engineering News Record (ENR).
John Holland Group Managing Director, Glenn Palin, said the business is excited about the bright prospects for the future that the union brings.
With CCCC providing a platform thanks to its balance sheet and international customer base, the objective is to build an organisation that can effectively leverage the core strengths of JHG and its people. CCCC wants to double the size of John Holland within five years by building further JHG’s great brand in engineering excellence and taking advantage of opportunities in PPP investment, infrastructure and selective investment in property and building development.
“This is the next step on our journey and reflects our position as one of Australia’s leading engineering and construction contractors,” he said.
“We are committed to delivering the world-class buildings, infrastructure assets and engineering services that have built John Holland’s reputation for excellence for more than 65 years. We are focused on delivering the best possible solutions for our clients and the communities in which we operate.”
President of CCCI, Mr Lu Jianzhong said they believe there are significant growth opportunities in the Australian market, and that John Holland is perfectly positioned to act on these.
“We see John Holland as a strong independent competitor in the Australian market, with a clear vision for the future,” he said.
“We will bring certainty and a clear direction for staff, clients and the market.
“We particularly value the cultural affinity between our two businesses, as we share many of the same ideals including a focus on tradition and the pursuit of excellence and innovation in all that we do.”