A statement by Transfield Holdings addressing inaccuracies in print and social media.
Transfield Holdings was founded in 1956 by Franco Belgiorno-Nettis, 5 years after he migrated from Italy. The company enjoyed considerable success and by the 1990s was regarded as one of the largest construction businesses in Australia. Perhaps the company’s best known projects are the Sydney Harbour Tunnel and the Melbourne City Link. Transfield Holdings has always been privately owned by the Belgiorno-Nettis family.
In 2001, Transfield Holdings floated its operations and maintenance division, Transfield Services, on the Australian stock exchange for $1.65 per share*. In 2003, Transfield Holdings sold its construction business to John Holland, which is now a part of the Leighton Group. Today, Transfield Services has 27,000 shareholders, with Transfield Holdings having a stake of approximately 12%. Transfield Holdings is no longer the largest shareholder in Transfield Services and Luca and Guido Belgiorno-Nettis ceased their directorship of Transfield Services in 2012.Transfield Holdings does not have a representative on the Transfield Services board and has no influence on the business activities or decisions of the public company.
The Biennale of Sydney, the international contemporary art event, was established by Transfield Holdings in 1973. Transfield Holdings has remained its founding partner since that time. Last year the event celebrated its 40th anniversary. The Biennale of Sydney does not have any direct relationship with the public company Transfield Services – it is the private company, Transfield Holdings that has the 40-year relationship.
In 2010, Transfield Holdings and Transfield Services, seeking to create discipline around the philanthropy and community service programmes already being practiced by both companies, formed the Transfield Foundation. Through the Transfield Foundation, Transfield Holdings provides funding for two of the organisations it has traditionally supported: the Biennale of Sydney and the Australian Chamber Orchestra. Similarly, Transfield Services provides funding for Australian Indigenous Mentoring Experience, the Clontarf Foundation and Career Trackers: organisations it has supported.
*Transfield Services shares are trading at a price of $0.92 as of the date of this statement.
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