LONDON (Reuters) – Kier Group will sell its housebuilding and property businesses, cut about 1,200 jobs and suspend its dividend for at least two years to lower debt and stabilize the business, it said on Monday.

The company said it would also sell its facilities management and environmental services units, leaving it focused on regional building, infrastructure, utilities and highways.

Shares in Kier, which has contracts for major projects such as London’s Crossrail link, hit a record low on Friday after a report said the company was rushing to sell its housebuilding business at a discount to cut mounting debt.

The report came after the company warned on profit this month, blaming higher costs and pressures on its highways, utilities and housing maintenance businesses.

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