JSE-listed multinational engineering and contracting company Murray & Roberts is at risk of losing its Australian mining business. This follows M&R last week announcing the termination of the proposed disposal of its Australian subsidiary Clough to multinational Italian industrial group Webuild. Following this announcement, M&R’s share price plunged over 21% on 5 December and ended the week on a 52-week low – closing at R3.20 a share on Friday .
Listen/Read: Meet the manager of SA’s best-performing fund This is a reference to M&R announcing last month it had entered into an agreement to sell its 50% shareholding in the Bombela Concession Company , operator of the Gautrain, for R1.386 billion to Netherlands-based Intertoll. The proceeds from the proposed BCC transaction will be used to reduce debt in South Africa and assist the group in addressing its working capital needs. Debt The group had total net debt of R1.