Business
Murray & Roberts’ Big Win: Cementation Sale Brings Hope Amid Liquidation
A rare moment of relief has arrived for one of South Africa’s oldest construction giants. The Competition Commission has officially approved the sale of Murray & Roberts Limited’s (MRL) cementation business to investment firm Differential Capital, giving fresh momentum to MRL’s ongoing business-rescue plan.
For a company that has spent the past year fighting to stay afloat, the approval represents progress and a sign of hope for thousands of South African workers.
A Lifeline for Cementation Africa
The deal allows UK Bidco, a vehicle controlled by Differential Capital, to acquire The Cementation Company Africa (TCCA), a wholly owned MRL subsidiary that provides specialised mining and engineering services across South Africa and the continent.
TCCA entered business rescue in November 2024, after MRL was hit by a “perfect storm” of challenges: delayed equipment, halted projects, and severe liquidity pressure. The final blow came when De Beers reduced its Venetia Mine contract, which had accounted for more than half of Cementation’s revenue.
In early 2025, Differential Capital provided R80 million in post-commencement finance, helping MRL stabilise operations, manage retrenchments, and honour severance packages. Once the acquisition is completed, the rescue plan is expected to safeguard about 2,800 jobs, the majority within Cementation Africa’s local operations.
Keeping South African Engineering Alive
Cementation Africa’s expertise spans underground mine development, shaft sinking, mechanised mining, raise drilling, and design engineering, skills essential to South Africa’s mining backbone.
By maintaining the business through new ownership, MRL’s restructuring not only preserves employment but also protects a key engineering capability that underpins mining projects across Africa.
The Competition Commission confirmed that the sale would not harm market competition or the public interest and approved it without conditions, an important boost to confidence in South Africa’s struggling construction sector.
Holding Company Faces the End
While the cementation sale brings optimism, the parent firm, Murray & Roberts Holdings Limited, faces a different fate. The listed entity, which sits above MRL in the corporate structure, declared itself commercially insolvent earlier this year.
Because the rescue plan transfers operating assets out of the holding company, it has no remaining businesses to generate cash or recapitalise. Its liabilities now exceed its assets, leaving it without a viable path forward.
Following an unopposed creditor application, the Gauteng High Court placed the holding company in provisional liquidation in September 2025, with a final order expected on 17 October.
Importantly, this liquidation applies only to the holding company, not to MRL or its subsidiaries, which continue operating under the business-rescue process.
A Turning Point for South African Construction
The Murray & Roberts story mirrors the broader turbulence in South Africa’s construction landscape. Once a flagship of national infrastructure projects, the company’s struggles highlight years of cost inflation, payment delays, and project uncertainty.
Yet, this approved deal with Differential Capital offers a glimmer of renewal. If successful, it could mark the start of a leaner, more sustainable chapter, one that protects skilled workers and keeps South African expertise where it belongs: underground, on-site, and building the continent’s future.
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Source: Business Tech
Featured Image: Daily Investor
