MURRAY & ROBERTS HOLDINGS LIMITED - Murray & Roberts Completes The Disposal Of Its Entire Interest In Bombela Concession Company and Business Update

Murray & Roberts Completes The Disposal Of Its Entire Interest In Bombela Concession Company and Business Update

MURRAY & ROBERTS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1948/029826/06
JSE Share Code: MUR
ISIN: ZAE000073441
(“Murray & Roberts” or “the Group”)

MURRAY & ROBERTS COMPLETES THE DISPOSAL OF ITS ENTIRE INTEREST IN BOMBELA CONCESSION
COMPANY (RF) PROPRIETARY LIMITED AND BUSINESS UPDATE

Shareholders are referred to the various SENS announcements released on the Stock Exchange News Service of the JSE
relating to the proposed disposal by the Group of its entire interest in the Bombela Concession Company (RF) Proprietary
Limited (“BCC”), to a wholly owned subsidiary of Intertoll International Holdings B.V. (“the Transaction”). At a general
meeting of Murray & Roberts shareholders held on 20 February 2023, shareholders overwhelmingly voted in favour of the
Transaction.

The Group is pleased to report that all conditions precedent in respect of the Transaction have been fulfilled and/or waived
(as applicable) and the Transaction has reached financial close. As stated in the Transaction circular published by Murray
& Roberts, the proceeds from the Transaction of R1,261 million (being R1,386 million less R125 million to account for
Murray & Roberts’ proportionate share of an ordinary dividend declared and paid by BCC in March 2023) will be used to
repay debt, following which the Group’s total debt will reduce to R1,391 million (based on balances as at 31 December
2022). This total debt is comprised of corporate debt of R789 million, self-servicing debt of R462 million (predominantly
asset-based finance for equipment on mining projects) and IFRS16: Leases debt of R140 million (predominantly office
leases).

The Group’s annual interest cost is expected to reduce by approximately R95 million.

Business platform update

The information shared on 1 March 2023 together with the Group’s interim results announcement is still applicable, and
projects are progressing in line with managements' expectations.

The Mining platform represents R14,1 billion of the Group’s total order book of R16,1 billion, and the Power, Industrial &
Water (“PIW”) platform represents R2,0 billion. The Mining platform holds the equivalent value in near orders as it has in its
order book, presenting good opportunity for growth. The PIW platform has secured several orders in South Africa’s
renewable energy sector which offers a strong pipeline for future work, supporting the expectation of a return to profitability
for the platform in the short term.

Conclusion

The Group continues to focus on cash generation through operational performance, cost reduction and managing working
capital prudently. The Group remains optimistic about the prospects for its multinational Mining platform and Africa-focused
PIW platform.

The financial information set out in this announcement has not been reviewed or reported on by the Group’s external
auditors.

Bedfordview
04 April 2023

Sponsor
The Standard Bank of South Africa Limited

Date: 04-04-2023 08:00:00
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