UGL has told shareholders that its property and engineering arms are being split as quickly as possible and will be standalone companies by June 30 next year.

However the groups won’t be officially demerged until late 2014 or early 2015. The company wants to reduce its $581 million debt pile and gearing of 34 per cent before it separates the businesses by selling assets and cutting costs. It also needs time to establish separate capital structures, management…