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M&R subsidiary sells shares in Aus engineering group

25th March 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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Construction giant Murray & Roberts on Monday announced that its Australian subsidiary Clough has sold its shares in ASX-listed multidisciplinary engineering, procurement and construction group Forge for A$187-million.

The engineering and project services contractor subsidiary, which completed a block trade agreement with Macquarie Capital to underwrite the deal, sold off 30.9-million shares at A$6.05 a share.

Clough aimed to use the proceeds from the sale of the shareholding to “deliver shareholder value through strategic acquisitions and/or capital management initiatives”.

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Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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