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Macmahon Holdings Limited (ASX:MAH) shareholders have voted 85 per cent in favour of approving a deal to sell the company’s construction business to Leighton Holdings Limited (ASX:LEI).
Chairman Scott Mackenzie says the vote is a strong show of confidence for Macmahon’s new mining centred strategy.
Mr Mackenzie says the company can now look forward to delivering consistent and sustainable returns to shareholders as a dedicated mining business.
Thwarted Indian owned suitor Sembawang responded to the news, bemoaning the lack of a level playing field in its duel for the construction business.
Sembawang says it had wanted to take the construction business now for a reunification with the mining contracting business later on and would be back.
Macmahon Holdings generated a net profit of $56 million in the 2012 financial year.
