JOHANNESBURG - Murray & Roberts has taken a step in its business rescue process. It has completed the sale of its mining division for R1.27 billion.
The deal secures about 2,600 jobs and transfers the company's mining businesses to an investor group led by Differential Capital.
The transaction includes the sale of its Cementation operations in Africa and America, as well as Terra Nova Technologies.
The sale allows the business rescue practitioners to settle all secured debt and funding obligations.
Murray & Roberts entered voluntary business rescue in November 2024 after facing severe financial pressure.
The business rescue process isn't over yet. Unsecured creditors are expected to wait until the delayed payment of R270 million is received next year.