Shareholders of JSE-listed Murray & Roberts (M&R) have voted in favour of the R1.38-billion sale of the company's entire interest in the Bombela Concession Company to infrastructure and toll operator company Intertoll International.
More than 99% of the shareholders voted in favour of both proposed resolutions relating to the disposal.
Under the terms of the sale and purchase agreement, M&R will dispose of 3.3-million ordinary shares in Bombela, constituting 33% of its entire issued ordinary share capital, and all of the issued ordinary shares in M&R BCC Financing Company, which is the sole shareholder of M&R BCC Holdco Company that holds 1.7-million ordinary shares in Bombela, constituting 17% of its entire issued ordinary share capital.