Leighton Holdings to sell telecom assets to pay debt
25 Sep 2012
Australian construction giant Leighton Holdings Ltd said that the company plans to sell its telecommunication infrastructure assets, as part of its strategy of divesting non-core assets to raise capital to reduce its debt.
The assets earmarked for sale include Nextgen Networks, Metronode and Infoplex.
Sydney-based Leighton Holdings is the parent company of the Leighton Group, one of the world's leading construction contractors as well as the world's largest contract miner.
The group operates in more than 20 countries in Australia, Asia, the Middle East and Southern Africa in diverse areas including construction, contract mining, operation and maintenance and infrastructure development. It employs more than 56,000 employees.
According to the company, construction, maintenance and field services opportunities in the telecommunications sector remain strong and are not dependent on the ownership of telecommunications assets.
Leighton's CEO Hamish Tyrwhitt said, ''We remain absolutely committed to this sector of the market through our subsidiary brands Visionstream, Silcar and John Holland Communications.
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