Murray & Roberts says business rescue unhindered by holding company liquidation

Zuko Komisa

Murray & Roberts Limited (MRL) confirms its business rescue is on track, stating it is legally separate from the liquidated ultimate holding company, Murray & Roberts Holdings (MRH).
The rescue plan centres on the Differential Transaction, involving the sale of MRL’s Mining Interests, including Cementation, which is progressing with recent approval from the Competition Commission of South Africa.
BRPs are confident the plan will protect approximately 2,800 jobs, particularly in Cementation Africa, ensuring a viable path forward for the subsidiary.

Murray & Roberts Limited (MRL) has confirmed that its business rescue proceedings are “firmly on track” and unaffected by the final liquidation order granted against its former ultimate holding company, Murray & Roberts Holdings Limited (MRH).

MRL, which entered voluntary business rescue on 22 November 2024, has moved to reassure stakeholders, reiterating that MRH and MRL are distinct legal entities.

MRH served as the ultimate holding company, while MRL is a downstream subsidiary, meaning the formal winding-up of MRH does not impede the ongoing rescue efforts supervised by MRL’s duly appointed Business Rescue Practitioners (BRPs).

A central pillar of the rescue plan is the proposed Differential Transaction, which involves the Differential Investors acquiring MRL’s substantial Mining Interests. This key transaction encompasses the Cementation businesses across Africa and the Americas, as well as TNT in the Americas.

The BRPs and Differential Capital have reported significant progress, working towards the conclusion of definitive agreements and the fulfilment of all necessary suspensive conditions. This month, they achieved a major milestone in the process, securing approval from the Competition Commission of South Africa for the South African aspects of the proposed transaction.

The BRPs expressed renewed confidence that the ongoing proceedings represent the most sustainable and viable path forward for the subsidiary. Successful implementation of the plan is expected to safeguard approximately 2,800 jobs within the underlying businesses.