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M&R sells Genrec for R185m

24th October 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JSE-listed Murray & Roberts (M&R) has sold its steel fabrication subsidiary Genrec to asset management firm Nisela Capital for R185-million.

Genrec was the last remaining manufacturing business in the group’s portfolio of businesses.

M&R on Monday said it believed the sale of Genrec would be in the best interests of the long-term sustainability of the group and its long-term strategy to focus on the global natural resources markets.

The transaction is subject to certain conditions precedent and regulatory approvals.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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