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.