Leighton Holdings has officially changed its name to CIMIC, following a shareholder vote. The new name, standing for Construction, Infrastructure, Mining and Concessions, was proposed in March following a string of asset sales as the company sought to break with its chequered recent past.
The last few years have seen Leighton dogged by a series of problems including an investigation into corruption in the Middle East, profit warnings stemming from losses on major Australian projects, and a class action lawsuit linked to the timing of the profit downgrade announcement.
The name change also follows a string of divestments at the end of last year, which saw it sell one of its contracting businesses, John Holland, to a major Chinese contractor, and rolling its services business into a joint venture with Apollo Global Management.
As part of the change, CIMIC’s shares are now traded on the Australian Stock Exchange under the CIM ticker, as opposed to the previous LEI code.