Murray & Roberts has secured R130 million in post-commencement financing from local investors as part of its ongoing business rescue efforts.
This financial support comes ahead of the anticipated presentation of the business rescue plan by the end of March 2025. Of the total, R40 million was received in December, with an additional R90 million expected by the end of January.
According to Murray & Roberts CEO, Henry Laas, the investors are well-capitalized and have expressed confidence in the company's expertise in providing mining contracting services, which is regarded as being among the best globally. He emphasized the importance of preserving this capability as part of the business rescue process. Laas further highlighted the company's long history, stating that as a 120-year-old organization, Murray & Roberts has made significant contributions to the development of infrastructure in South Africa and internationally, creating value for clients, employees, and society through numerous notable projects.
In November 2024, Murray & Roberts voluntarily placed the company into business rescue, including its trading division, OptiPower, while suspending trading in its shares. The company's core assets, particularly its underground mining businesses, are not part of the rescue process and continue to operate and fulfill contractual obligations.
Business rescue practitioners, including Josh Cunliffe from Metis Strategic Advisors, are confident in the successful outcome of the process. Cunliffe noted that the company has been engaging positively with stakeholders throughout the process and remains optimistic about presenting a business rescue plan for creditor approval by March 2025.
Murray & Roberts aims to restore stability and continue its important role in the mining and infrastructure sectors, supported by strategic investments and an effective rescue plan to navigate through its current challenges.
This financial support comes ahead of the anticipated presentation of the business rescue plan by the end of March 2025. Of the total, R40 million was received in December, with an additional R90 million expected by the end of January.
According to Murray & Roberts CEO, Henry Laas, the investors are well-capitalized and have expressed confidence in the company's expertise in providing mining contracting services, which is regarded as being among the best globally. He emphasized the importance of preserving this capability as part of the business rescue process. Laas further highlighted the company's long history, stating that as a 120-year-old organization, Murray & Roberts has made significant contributions to the development of infrastructure in South Africa and internationally, creating value for clients, employees, and society through numerous notable projects.
In November 2024, Murray & Roberts voluntarily placed the company into business rescue, including its trading division, OptiPower, while suspending trading in its shares. The company's core assets, particularly its underground mining businesses, are not part of the rescue process and continue to operate and fulfill contractual obligations.
Business rescue practitioners, including Josh Cunliffe from Metis Strategic Advisors, are confident in the successful outcome of the process. Cunliffe noted that the company has been engaging positively with stakeholders throughout the process and remains optimistic about presenting a business rescue plan for creditor approval by March 2025.
Murray & Roberts aims to restore stability and continue its important role in the mining and infrastructure sectors, supported by strategic investments and an effective rescue plan to navigate through its current challenges.
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