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Sale of 50pc of Thiess for up to $1.9b boosts CIMIC

Elouise Fowler
Elouise FowlerReporter
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Investors pushed CIMIC's share price up 6 per cent after the cash-strapped company said it would offload half of Thiess for $1.7 billion to $1.9 billion.

The sale will help cover cost blow-outs on projects and pay its suppliers after CIMIC was forced to abandon supply-chain financing schemes.

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Elouise Fowler is a journalist for The Australian Financial Review based in the Melbourne office. Connect with Elouise on Twitter. Email Elouise at elouise.fowler@afr.com.au
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    Original URL: https://www.afr.com/companies/mining/embattled-cimic-to-sell-half-its-mining-services-company-20201019-p566cu