HLG Contracting announced on Wednesday the completion of the transfer of shares from Al Habtoor Holding to Riad Al Sadik, and a name change from Al Habtoor Leighton to HLG Contracting, according to a press release.
Australian CIMIC Group’s share in the company remained unchanged at 45%. Al Habtoor Group’s Chairman, Khalaf Ahmad Al Habtoor, said in a brief statement on Thursday that he was “delighted to have founded such an exceptional construction company in 1970,” adding that he wished HLG great success.
In May, Al Habtoor Group had already announced it had no connection with HLG, that it was not a subsidiary and it was not involved in its day to day operations, claiming it had already divested its stake in the company years ago. Three months ago, the CEO of then Al Habtoor Leighton was taken into police custody for nine days without charges.