Murray and Roberts in talks to sell infrastructure business

24 August 2016 - 19:04 By REUTERS

Engineering and building group Murray and Roberts (M&R) said on Wednesday it is in talks to sell its infrastructure and building business. The company, which is transforming from being predominantly a South African construction company to an international engineering and construction group, said in a statement that negotiations with prospective buyers are at an advanced stage.Murray & Roberts faces additional pain from M1 bridge collapseMurray & Roberts, already facing possible claims for death and injury after last month's pedestrian bridge collapse in Johannesburg, is expecting to be hit with penalties of R5-million to R6-million due to delays in the project. "The decision to dispose of the Infrastructure & Building businesses, supports the group's long-term strategy to focus its business on the global natural resources markets, and follows an extended period of careful planning and consideration," said Group Chief Executive Henry Laas.Bridge roils already troubled waters at Murray & RobertsMurray & Roberts's share price is trading at similar levels to what it was more than 20 years ago as the company deals with the disaster that left two people dead last week. The company gave no further details.South Africa's construction industry has slowed sharply as government contracts, which big companies depend on, stall and weak commodity prices hit demand from the mining industry...

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