Habtoor Leighton Group (HLG) owes A$807 million (Dh3.06 billion) to Leighton Group, the Australian company which is a minority shareholder in the Dubai-based contractor.
A financial announcement by the Australian groupshowed a total exposure of A$1.1bn to HLG, including A$298m in carrying value of the 45 per cent stake Leighton holds in HLG, as well as its loans.
Formed in 2007, HLG's asset and contract values declined during the global financial crisis. The balance of shares is held equally by Khalaf Al Habtoor, the chairman of the Al Habtoor conglomerate, and Riad Sadik, the HLG chairman.
Read more: http://www.thenational.ae/thenationalconversation/industry-insights/finance/dubai-venture-owes-leighton-dh3bn#ixzz2KqTkZX3Z
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