https://www.engineeringnews.co.za
Africa|Construction|Engineering|Mining|Projects|Solar
Africa|Construction|Engineering|Mining|Projects|Solar
africa|construction|engineering|mining|projects|solar

M&R's shares rise on further debt reduction

M&R's offices in Bedfordview, Gauteng

Photo by Creamer Media's Donna Slater

8th December 2023

By: Creamer Media Reporter

     

Font size: - +

Multinational engineering and construction group Murray & Roberts (M&R) says it has made meaningful progress in reducing its debt with its consortium of South African banks.

Following on from the sale, in April, of its 50% shareholding in the Bombela Concession Company, which resulted in the halving of its debt to about R1-billion, the company has further reduced its debt to R770-million as a result of an agreement of new commercial terms on one of M&R's largest mining projects in South Africa and the sale of a non-strategic investment in Aarden Solar.

Further, subsidiary company Cementation Canada's recently renewed banking facility agreement with a Canadian bank will enable the subsidiary to pay C$40-million, or about R550-million, in dividends to M&R over the next six months to June 2024.

This will enable the group to further reduce its South African debt to about R350-million by June 30, 2024.

M&R also plans to refinance the remaining South African debt by June 2024 at the latest.

In addition, the group has made progress in reducing its overhead costs and says it will continue to focus on operational efficiencies and liquidity management.

M&R's share price on the JSE rose by nearly 14% on December 8 after the group's announcement.

 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

IBM technical community leader Satish Babu
IBM investing in AI training to address technology skills gap
29th February 2024 By: Darren Parker
Deputy Minister of Small Business Development Dipuo Peters
Ramaphosa suspends Dipuo Peters without pay
Updated 7 hours ago By: Sashnee Moodley

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 01 March 2024
1st March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.532 0.589s - 176pq - 2rq
Subscribe Now