merging with Roberts Construction in 1967<\/a>.<\/p>\n\n\n\nMurray & Roberts Holdings announced in April that it would be left commercially insolvent due to ongoing business rescue proceedings at Murray & Roberts Ltd (MRL).<\/p>\n\n\n\n
MRL is a separate entity and the Holding group\u2019s primary operating company. It entered into business rescue in November 2024 after what it called a \u201cperfect storm\u201d of setbacks.<\/p>\n\n\n\n
The business rescue of MRL is ongoing and will not be affected by the liquidation proceedings of Murray & Roberts Holdings.<\/p>\n\n\n\n
In an update on the business rescue proceedings in April, the group said that the business rescue plan was approved by creditors.<\/p>\n\n\n\n
However, through the plan, various assets would be sold off to a consortium to pay creditors a fraction of what was owed to them, and Murray & Roberts Holdings would not get anything.<\/p>\n\n\n\n
At the time, the group said the implementation of the plan would result in the Murray & Roberts Holdings not having any operating companies and thus no prospect to generate cash through operations, or to recapitalise.<\/p>\n\n\n\n
The liabilities of the company exceed its assets, resulting in the company being commercially insolvent.<\/p>\n\n\n\n
It said that at the time it would pursue a voluntary winding down of the business, but this was unsuccessful.<\/p>\n\n\n\n
\u201cThe requisite quorum of shareholders to consider the proposed creditors\u2019 voluntary winding-up of the company was not achieved,\u201d it said.<\/p>\n\n\n\n
This winding up is now being pursued through the courts by a creditor, and will not be opposed by the company.<\/p>\n\n\n\n
Publishing its interim results for the six months ended 31 December 2024, the group showed a loss before interest and tax of R646 million, up significantly from the loss of just R2 million in the year ended June 2024.<\/p>\n\n\n\n
This loss was attributed to guarantees from MRL projects being called by clients to fund project completion.<\/p>\n\n\n\n
As the holding company provided surety to the guarantee providers, it reflected the associated loss in the current period.<\/p>\n\n\n\n
The group\u2019s results were presented with MRL\u2019s finances listed as discontinued operations, as it is in business rescue. MRL saw revenue of R4.6 billion and a loss before interest and tax of R960 million.<\/p>\n\n\n\n
The group reported an attributable loss of R1.4 billion, with a basic loss per share of 167 cents for continuing operations, and a loss per share of 414 cents when including discontinued operation.<\/p>\n\n\n\n
Murray & Roberts Limited Business Rescue continues<\/h2>\n\n\n\n
Following the announcement of the liquidation proceedings for Murray & Roberts Holdings, MRL stressed that it would have no impact on the business rescue proceedings of MRL.<\/p>\n\n\n\n
Importantly, it does not affect the Differential Transaction, which includes the acquisition of MRL\u2019s subsidiary Mining Interests, including the Cementation businesses in both Africa and the Americas, by a group of investors led by Differential Capital. <\/p>\n\n\n\n
“The business rescue process of MRL remains on course, and the BRPs are satisfied with the progress to date,” the group saod.<\/p>\n\n\n\n
The business rescue practitioners said that the MRH liquidation process has no bearing on the operations of MRL\u2019s subsidiary Mining Interests, including the Cementation businesses. <\/p>\n\n\n\n
These businesses continue to operate in the normal course.<\/p>\n\n\n\n
“The BRPs overseeing MRL\u2019s business rescue remain confident that the adopted plan represents the most viable path forward.”<\/p>\n\n\n\n
“Once implemented, it is expected to safeguard approximately 2,800 jobs within the underlying businesses, with particular emphasis on protecting South African jobs within Cementation Africa.”<\/p>\n","protected":false},"excerpt":{"rendered":"
South African engineering and construction firm, Murray & Roberts says it will not oppose liquidation proceedings initiated by a creditor, seeking final winding up of the business.<\/p>\n","protected":false},"author":10,"featured_media":835154,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[3729,22258],"class_list":["post-835141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-liquidation","tag-murray-roberts"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/835141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=835141"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/835141\/revisions"}],"predecessor-version":[{"id":835581,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/835141\/revisions\/835581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/835154"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=835141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=835141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=835141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}