Murray & Roberts Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1948/029826/06
Share Code: MUR
ISIN Code : ZAE000008983
MURRAY & ROBERTS SELLS JOHNSON CRANE HIRE
Murray & Roberts is pleased to announce the disposal of Johnson Crane Hire
in a leveraged buy out transaction led by financial services group, Mettle.
The transaction was concluded for a cash consideration of R142 million, the
net asset value of Johnson Crane Hire at the effective date of 1 January
2002. The bulk of the funding was sourced by Mettle from offshore
financiers.
Commenting on the transaction, Murray & Roberts Group Chief Executive, Brian
Bruce, said that it was consistent with the ongoing disposal programme in
terms of the Rebuilding Murray & Roberts strategy.
"We are pleased that the transaction brings foreign investment into the
South African economy, while at the same time ensuring the continuation of
crane hire services to South African industry and construction," Bruce said.
Mettle`s Equity Executive, Luther van Zyl, said: "This transaction
represents our stated intention of leveraging our core debt origination
skills and integrates these skills with the other disciplines in our
business."
Ends
1 July 2002
Date: 01/07/2002 09:58:28 AM Produced by the SENS Department
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