Busy day at HLG as CEO released and shares change hands
Habtoor Leighton Group (HLG) is facing a strategic review following a change in ownership.
A separate announcement made the same day said that the company’s CEO has been freed from police custody in Dubai with no charges or conditions for his release.
The first announcement concerned the changes in ownership. One of Cimic Group's two partners in HLG has agreed to transfer its shareholding to the other partner; Cimic's shareholding is unchanged in the deal. The binding agreeement will see Al Habtoor Holding transfer its shares to Riad Al Sadik. Sadik founded Al Habtoor Engineering Enterprises in 1970 and has been a director of HLG since its inception in 2007.
Cimic's second announcement was that HLG's managing director and CEO José Antonio López-Monís, who was detained by Dubai police on 17 August, has been released from custody. He has not been charged with any offence and was released without bail or any other conditions. HLG operations continue as normal,said Cimic.
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This article was published on 29 Aug 2016 (last updated on 30 Aug 2016).