Murray & Roberts Holdings placed under provisional liquidation

JOHANNESBURG - Construction giant Murray & Roberts Holdings has been placed under provisional liquidation following an order of the high court.

The order comes after one of its creditors applied for either the final or provisional winding-up of the company in August.

The matter is expected to return to court again in October, where the creditor will seek a final winding-up order.

A provisional liquidator is expected to be appointed by the master of the high court in due course.

The process comes amid a parallel process which saw Murray & Roberts Limited, a downstream subsidiary of the holding company, undergo voluntary business rescue.

Jointly appointed business rescue practitioner (BRP) from Metis Strategic Advisors, Josh Cunliffe, said the order placing Murray & Roberts Holdings under provisional liquidation had no bearing on the business rescue process for its subsidiary.

"It is important to emphasise that MRH and MRL are separate and distinct legal entities. MRH is the ultimate holding company, while MRL is a downstream subsidiary (with several intermediate entities in between). The liquidation of MRH has no impact on the ongoing business rescue proceedings of MRL. The business rescue process of MRL remains firmly on track."

Cunliffe said he was confident the adopted business rescue plan represented the most sustainable and viable path forward.

"The BRPs reiterate their confidence that the adopted business rescue plan represents the most sustainable and viable path forward. Its successful implementation is expected to protect around 2,800 jobs within the underlying businesses, with a particular emphasis on protecting South African jobs in Cementation Africa. Beyond business stability, the plan plays a critical role in safeguarding livelihoods and retaining essential expertise across the mining and infrastructure sectors."