Shares plunge 15% as JSE-listed group cans plans to dispose of Clough to Italian group Webuild.
Murray & Roberts (M&R) has terminated the proposed disposal of its Australian subsidiary Clough and placed both Clough and Murray & Roberts Pty Ltd (MRPL), an indirect wholly owned subsidiary of the group and the groups holding company in Australia, into voluntary administration.
The announcement on Monday saw shares in M&R plunge over 15% to around R4.02 per share in early trade.
The proposed disposal of Clough to multinational Italian industrial group Webuild also envisaged a proposed interim loan facility of A$30 million being injected into Clough by Webuild to avoid placing the company under voluntary admin…
Read the full article at: https://www.moneyweb.co.za/news/companies-and-deals/mrs-australian-subsidiary-clough-and-holding-company-placed-into-voluntary-administration/