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Murray & Roberts Holdings Limited - Annual General Meeting

Release Date: 28/10/2002 13:37
Code(s): MUR
Wrap Text

Murray & Roberts Holdings Limited - Annual General Meeting MURRAY & ROBERTS HOLDINGS LIMITED ("the Company" or "the Group") Share Code : MUR ISIN : ZAE 00008983 Annual General Meeting - Business update At the annual general meeting of the Company held today, the Group Chief Executive, Mr Brian Bruce, made the following statement. "The performance of the Group through the first quarter of the financial year, has underpinned the prospects statement included in the Annual Report to shareholders. Order books are at acceptable levels throughout the Group, with many opportunities being pursued across all sectors of business activity. There is evidence of softness in some consumer aspects of the global economy, but inherent strength in the South African economy and a built-up demand for fixed investment throughout most of the developing world, offers opportunity for the Group to selectively leverage its competitive strategies. Subject to a collective will by all of South African society to overcome the system constraints limiting the flow of investment funds into fixed capital formation, construction spend should increase steadily over the next few years. This is particularly encouraging for the Group`s Supplies and Services companies. The New Partnership for Africa`s Development (NEPAD) is an essential driver for the normalisation of business and governance throughout the continent. The Company will continue to support this important strategic intervention. Remedial actions taken in the Genrec Group, Murray & Roberts Foundries Group and Murray & Roberts Civils as notified in the Annual Report, have been tested in the first quarter of the financial year. Under new strategic and operations leadership, these companies show strong evidence of improved performance. The Group reiterates the prospects statement included in the Annual Report that a material increase in earnings per share will result from real growth in revenues and a further improvement in profit margins." All of the resolutions proposed to the annual general meeting were approved by the required majority of shareholders. BEDFORDVIEW 28 October 2002 Date: 28/10/2002 01:35:22 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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