Cimic Awards Chairman A$3 Million Bonus

By Rhiannon Hoyle

SYDNEY--Cimic Group Ltd. (CIM.AU) said Thursday it will award executive Chairman Marcelino Fernandez Verdes a 3 million Australian dollar (US$2.2 million) special bonus this year.

The company said the bonus is linked to Mr. Fernandez Verdes's "outstanding performance during his tenure" with the company.

Cimic said he has successfully restructured the Australian company's operations and improved its balance sheet, placing Cimic "in a robust and competitive position" including to be "able to make meaningful acquisitions."

The Sydney-based construction firm is currently in the process of a takeover UGL Ltd. (UGL.AU), an Australian engineering services company.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

December 14, 2016 18:18 ET (23:18 GMT)

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