A recent notice from board members of Leighton Holdings to their shareholders expresses that a change of name will be put to a shareholder vote at the company’s AGM in April.
The board wishes to change the name of the engineering and construction business from ‘Leighton Holdings Limited’ to ‘CIMIC Group Limited’ in support of its transformation to a new operating model.
The new name stands for Construction, Infrastructure, Mining and Concessions and according to a Fairfax Media report, is a move from the group's new Spanish owners to try and distance themselves from recent corruption allegations blighting the company's reputation.
However, the explanatory notes from within the notice document say the name change reflects the company’s new direction which will focus on four specialised businesses: construction, contract mining, PPPs, and engineering.
In accordance with section 157(1) of the Corporations Act Leighton will put forward a special resolution and, therefore, requires approval of 75 per cent or more of all votes cast by shareholders present and eligible to vote (in person, by proxy, by attorney or, in the case of a member which is a corporation, by a representative).
The AGM and vote on the resolution will be held in Sydney on Tuesday 21 April 2015.