Murray & Roberts says it has secured R130m in post-commencement financing from local investors as part of its business rescue plan. This significant support comes ahead of the anticipated presentation of the rescue plan by the end of March 2025, with R40m already received in December and an additional R90m expected by the end of January.
“These investors are well capitalised and have expressed their appreciation of Murray & Roberts’ expertise as a provider of mining contracting services, which rivals the best in the world, and the importance of preserving this capability,” said Murray & Roberts CEO Henry Laas.
“As a 120-year-old organisation, we have played a major role in the development of infrastructure in South Africa and other parts of the world while creating value for clients, employees and society by delivering many notable projects.”
The Board of Murray & Roberts Limited voluntarily placed the company, which includes its trading division, OptiPower, into business rescue in November 2024, with the Group suspending trading in its Murray & Roberts shares.
Key components
The Group’s core assets by value and earnings contributions are its underground mining businesses which are not in business rescue and continue to operate and deliver on their contractual obligations.
The business rescue practitioners expect to present a business rescue plan for consideration by creditors in terms of the Companies Act before the end of March 2025.
“We are engaging all stakeholders as part of the business rescue process, and our interactions with key parties have been largely positive,” said Josh Cunliffe, partner at Metis Strategic Advisors who is one of the jointly appointed practitioners.
“We remain confident about the prospect of a successful business rescue.”
