The conditions present in the share sale agreement between Leighton Holdings and CCCC International Holding (CCCI) were finalised 20 April 2015, allowing for the transfer of shares of John Holland and its subsidiaries.
In the Australian trenchless sector, John Holland is known for the Woolloongabba Sewer Upgrade Project in Brisbane, as well as the award-winning Melbourne Main Sewer Replacement Project in Melbourne.
CCCI is a wholly owned subsidiary of China Communications Construction Company Limited (CCCC), one of the largest listed companies in the international infrastructure and engineering sector, with listings on both the Hong Kong and Shanghai Stock Exchanges.
John Holland Group Managing Director Glenn Palin said the business was excited about the bright prospects for the future, with CCCC providing a platform with its balance sheet and international customer base.
Following the transfer of ownership, CCCC wants to double the size of John Holland within five years by building its established brand and taking advantage of opportunities in PPP investment, infrastructure, and selective investment in property and building development, said Mr Palin.
President of CCCI Lu Jianzhong said there were significant growth opportunities in the Australian market and John Holland was well positioned.
“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.”