M&R Limited's business rescue remains on track as M&R Holdings is placed under provisional liquidation
Murray & Roberts (M&R) Limited says its business rescue remains on track and that the Gauteng High Court's order placing M&R Holdings under provisional liquidation has no impact on M&R Limited's business rescue.
"It is important to emphasise that M&R Holdings and M&R Limited are separate and distinct legal entities. M&R Holdings is the ultimate holding company, while M&R Limited is a downstream subsidiary with several intermediate entities in between," it points out.
M&R Limited entered voluntary business rescue proceedings in November last year.
"Crucially, the Differential transaction under the adopted business rescue plan, which provides for the acquisition by the Differential investors of M&R Limited's subsidiary mining interests, including the Cementation businesses in Africa and the Americas, continues unaffected.
"These subsidiaries remain operational and are conducting business in the normal course," M&R Limited reiterates.
M&R Holdings, meanwhile, reports that the provisional liquidation order will return to court on October 17, with the creditor that filed the liquidation application expected to seek a final winding up order.
A provisional liquidator is expected to be appointed by the Master of the High Court in due course.
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