Australian Construction Giant Probuild Falls Into Voluntary Administration

Signage and construction machinary are seen onsite at The Ribbon project at Darling Harbour in Sydney, Australia, Feb. 24, 2022. AAP Image/Bianca De Marchi

Australian construction giant Probuild has collapsed and been placed in administration, leaving around $5 billion (US$3.6 billion) in building projects in limbo.

Probuild confirmed on Thursday that its South African parent company, Wilson Bayly Holmes-Ovcon (WBHO) Ltd, had abruptly ended all cash and securitisation support in Australia.