Murray & Roberts Holdings Ltd., a storied South African engineering and construction firm with a history spanning more than a century, has announced it will not oppose a court-ordered liquidation, effectively marking the end of the company.
The decision comes after a creditor initiated winding-up proceedings in the Gauteng Division of the High Court of South Africa. The company stated its intent not to fight the order, citing its dire financial position. This move follows an unsuccessful attempt at a voluntary winding-up, which failed due to a lack of shareholder quorum.
The company’s demise was set in motion by the business rescue of its primary operating entity, Murray & Roberts Ltd. (MRL), which entered the process in November 2024. A business rescue plan was approved by creditors in April, which involved selling off MRL’s assets. As a result, Murray & Roberts Holdings was left without operating businesses or a viable path to generate revenue or recapitalize. The company subsequently declared itself commercially insolvent, as its liabilities exceeded its assets.
The company’s financial results for the six months ended December 31, 2024, paint a grim picture. The group reported a loss before interest and tax of R646 million, a sharp increase from the R2 million loss reported in the year ended June 2024. The loss was primarily attributed to surety payments made by the holding company for MRL projects. MRL, now listed as a discontinued operation, reported a revenue of R4.6 billion and a loss of R960 million.
The final liquidation will put an end to the legacy of a firm that began in 1902 as a house builder and was listed on the Johannesburg Stock Exchange (JSE) in 1951.