Downer announced on 14 December 2011 that it had entered into a Share Sale Agreement with CAG to sell the CPG Asia business for A$147 million.
As announced at Downer’s Half Year Results on 21 February 2012, the sale proceeds will be used to repay a Singapore Syndicated Facility of SGD120 million and part of the New Zealand Works Bonds facility when it falls due in September 2012.