CIMIC's management of residential property developer Devine remains under scrutiny by the Australian Investments and Securities Commission, amid ongoing pressure from minority shareholders to investigate why the property group keeps taking losses and why its stock price is languishing close to record lows.

ASIC, which told minority shareholders in early 2019 it was looking into claims that CIMIC, Australia's biggest construction group, had been forcing losses at Devine, has not closed its inquiry into Devine, according to an email seen by The Australian Financial Review. The regulator declined to provide further information.