End of an era: Murray & Roberts shuts down
The move comes after an extended period of financial strain that left the holding company insolvent once its key assets had been sold.
The company formally notified shareholders this week of its decision to cease operations. This follows in the wake of a creditor-initiated winding-up application filed in the Gauteng High Court. Herein, the firm announced it would not oppose the process due to its dire financial circumstances.
Rescue plan fails
The organisation entered business rescue in November 2024, and by April 2025, an overwhelming majority of creditors (99.7%) approved a rescue plan. This plan involved selling off the company’s core mining assets—primarily to a consortium led by Differential Capital - but ultimately the holding company went insolvent.
Financial disclosures for the six months ending 31 December 2024 reveal a staggering R646m loss before interest and tax, compared to a loss of just R2m a year earlier.
The deficit was largely the result of surety obligations settled by the holding company on behalf of MRL projects. Now listed as a discontinued operation, MRL recorded revenue of R4.6bn against a loss of R960m.
This marks a poignant end for Murray & Roberts Limited - a firm that built icons like the Carlton Centre, Gautrain, Sun City, Medupi Power Station, Cape Town Stadium, and Dubai’s Burj al Arab—even participating in the 2010 San José mine rescue.