JOHANNESBURG - Listed engineering and construction group Murray & Roberts (M&R) has concluded the sale of Genrec, its steel fabrication and erection contracting business, to black-owned and managed industrial group Southern Palace.
M&R said yesterday that the transaction was implemented effective from May 1. The group in November 2016 also sold its southern African infrastructure and building business to a consortium led by the Southern Palace Group for R314million.
The assets and liabilities included in the Genrec transaction were sold at book value. It follows M&R initially selling Genrec in October 2016 to Nisela Capital for R185m. Shares in M&R rose 0.52percent on the JSE yesterday to close at R15.55.