M&R finalises disposal of construction products businesses
Construction and engineering group Murray & Roberts (M&R) has reported that all conditions precedent to the R1.15-billion disposal of its Construction Products Africa manufacturing businesses have been fulfilled, while negotiations with potential buyers for the sale of the remaining steel-piping subsidiary Hall Longmore were ongoing.
The company reported in June that it had agreed to sell construction products businesses Much Asphalt, Rocla, Technicrete and Ocon Brick to consortiums comprising private equity companies and management.
Much Asphalt was sold to a consortium comprising private equity firm Capitalworks and certain Much Asphalt senior management and executives.
The Ocon Brick, Technicrete and Rocla businesses, meanwhile, were sold to a consortium comprising Capitalworks, RMB Ventures and certain senior management of those businesses.
The disposal formed part of an ongoing strategic repositioning of M&R, which was being led by CEO Henry Laas.
The JSE-listed group had already disposed of steel producer Cisco, which it sold in 2012 to DHT Africa, a unit of a Turkish company, and Union Carriage & Wagon, which was sold to black economic-empowered Commuter Transport Engineering in early 2013.
Laas said the proceeds would be used to reduce debt and invest in market sectors and geographies that presented growth potential for its engineering and construction businesses.
The effective date of the transaction is October 31.
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