Shares of engineering firm Murray & Roberts slumped by double digits on Monday morning, after it said its proposed R4 billion sale of its Australian business unit Clough had fallen through, resulting in a business rescue process. | News24_Business
M&R first acquired a minority interest in Clough in 2004 before buying out all the other minority shareholders in 2013. Clough accounted for 62% of the group’s R59.5 billion order book in financial year 2022, along with 57% of its R29 billion in revenue. It also made a similar contribution to the group’s R705 million operating profit.
Deloitte Australia has been appointed as administrators, with M&R saying"for an Australian company, voluntary administration is a flexible, short-term process" which is aimed at maximising the chances of a company's survival, or as much of the business as possible. "As such, this process has, since its introduction in 1993, resulted in the preservation of many great Australian businesses, which might otherwise have simply been liquidated," it said.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month.
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