By: Tarryn-Leigh Solomons
Murray & Roberts Holdings Ltd. (MRH), a cornerstone of South Africa’s engineering and construction landscape for over a century, has officially entered court-ordered liquidation.
However, its main operating subsidiary, Murray & Roberts Ltd. (MRL), has confirmed that its business rescue proceedings remain on track, leaving critical operations such as Cementation in Africa and the Americas unaffected.
MRH Liquidation Confirmed
The Gauteng Division of the High Court granted a creditor-initiated liquidation order against MRH. The group cited severe financial distress and the absence of income-generating assets as the reason for not opposing the ruling.
This follows years of escalating financial pressures, including surety obligations tied to MRL’s project guarantees. MRH reported a R646 million pre-interest and tax loss for the six months ending December 2024 and an overall attributable loss of R1.4 billion, rendering it commercially insolvent.
MRL’s Business Rescue Stays Intact
In a statement, MRL’s Business Rescue Practitioners (BRPs) assured stakeholders that the liquidation of MRH has no bearing on its ongoing restructuring:
“The liquidation of MRH has no impact on the business rescue of MRL or on the operations of its subsidiaries, including the Cementation businesses in Africa and the Americas.”
Placed under business rescue in November 2024, MRL is operating under a court-approved restructuring plan, supported by creditors since April 2025.
Cementation Division Remains Operational
One of the key assets safeguarded under MRL’s Differential Transaction sale to a consortium of investors is its Cementation division, which provides mining and infrastructure services globally.
The BRPs reaffirmed:
“The Cementation businesses remain fully operational and are conducting business in the normal course. The business rescue plan is progressing well, and we remain satisfied with the progress to date.”
This stability ensures continuity for employees, clients, and mining projects, both in Africa and the Americas.
A Tale of Two Outcomes
- MRH’s liquidation marks the end of a 120-year-old holding company, symbolic of South Africa’s industrial legacy.
- MRL’s business rescue, however, offers a lifeline for viable operations, preserving jobs and sustaining market competitiveness.
Industry analysts argue that the dichotomy between MRH’s collapse and MRL’s survival underscores the importance of well-structured business rescue frameworks in safeguarding value during corporate crises.
