John Holland signs sale of business agreement for Transfield's construction business

Company Announcements Office
Australian Stock Exchange Limited
Level 4
20 Bridge Street
Sydney NSW 2000

Re: John Holland signs sale of business agreement for Transfield’s construction business

Dear Sir,

Please find attached a copy of a media release to be issued today by John Holland Group Pty Limited. John Holland Group Pty Limited is a 70% owned subsidiary of Leighton Holdings Limited.

Yours sincerely,


A.J. MOIR
Company Secretary

John Holland signs sale of business agreement for Transfield’s construction business</b>

Issue Date: 15 January 2003
Issued by: John Holland Group

Following last month’s MOU between John Holland and Transfield Construction Pty Ltd, John Holland Group Managing Director, Bill Wild, announced today the signing of the sale of business agreement for the acquisition of Transfield’s construction business.  The sale completion date will be 31 January 2003.

The indicative purchase price of $49.8 Million is still subject to adjustment as at 31 January 2003 for asset valuations, etc.

The acquisition, which has received ACCC approval, increases John Holland’s order book by approximately $600 Million and brings John Holland’s order book to approximately $1.5 Billion.

John Holland Group is now one of Australia’s most diversified construction contractors with extra civil, building and rail projects, an enhanced telecommunications capability and four new national specialist businesses – Structural Mechanical Process, Tunnelling, Water and Waste Water and Transmission Systems.

“The former Transfield businesses are a very good fit in terms of skills and experience and will significantly consolidate John Holland’s market presence and position it for further growth.

“Our expanded customer base stands to benefit from our broadened capabilities, a strong financial position and our unrivalled expertise to deliver a range of services,” said Mr Wild.  

Projects transferring to John Holland include extensive fabrication and on-site construction works at the Comalco Alumina Refinery in Queensland, a coal preparation plant at Mt Arthur North mine, New South Wales, and the Sandgate Alliance for the design and construction of the upgrade of a number of sewerage treatment plants around Brisbane. The John Holland-Transfield Joint Venture for two Regional Fast Rail contracts in Victoria, totalling $297 Million, will also be transferred to John Holland on the completion date.

ENDS

For further information contact:
Bill Wild
Managing Director
John Holland Group
03 9934 5290 or 0409 066 702

Anne Fogarty
Communications Manager
John Holland Group
03 9934 5231 or 0409 791 101

The John Holland Group is one of Australia's oldest and most respected contracting companies. Established in Victoria in 1949, the company has grown to become one of Australia’s pre-eminent contractors.

John Holland holds an outstanding record in construction contracting for the rail, road, marine, minerals processing, oil and gas sectors with a strong presence in telecommunications, education, health and defence.  We pride ourselves on our engineering excellence, efficient performance, skilled professionals, ethical practices and strong client relationships. John Holland is a recognised industry leader in health, safety and environmental management.