Murray & Roberts Limited Announces The Disposal Of Its Entire Interest In The Bombela Concession Company
Murray & Roberts Limited Announces The Disposal Of Its Entire Interest In The Bombela Concession Company. Murray & Roberts has announced that the company’s wholly-owned subsidiary, Murray & Roberts Limited, has entered into a sale and purchase agreement with Intertoll International Holdings B.V. or its nominee entity to dispose of its entire interest in the Bombela Concession Company (BCC) for R1,386,000,000.
Headquartered in Johannesburg, Murray & Roberts has a proud heritage spanning more than a century and is today a multinational specialist engineering and contracting group. The Group delivers project development and construction services into the resources, industrial, energy, water and specialised infrastructure market sectors.
BCC was appointed by the Gauteng Provincial Government to design, build, operate, maintain and partially finance the Gautrain project. The Gautrain project is a public-private-partnership that includes a 15-year contract for the maintenance and operation of the Gautrain rapid rail system. BCC implements its obligations through diverse contractual relationships with the primary contract being the concession agreement between the Gauteng Provincial Government and BCC.
Intertoll is headquartered in Amsterdam, Netherlands. Intertoll has been active in Europe since1995, where it has grown steadily over the last 25 years. Today, Intertoll is a leading European investor in motorway concessions and an independent toll and motorway infrastructure designer and developer, concessionaire, equipment supplier, asset manager and provider of specialist consultancy services catering to the transportation and infrastructure sectors in Europe.
Murray & Roberts explained that delivery of its order book was increasingly being disrupted and that increased levels of working capital were required to address the dislocation in project cashflows. The proceeds from the Proposed Transaction will be utilised to reduce debt in South Africa and will assist the Group in addressing its working capital needs. The Group’s investment in BCC is notstrategic and the concession is also set to terminate in 2026.
