South Africa’s 123-year-old construction and engineering group, Murray & Roberts Holdings (MRH), has confirmed it will exit the Johannesburg Stock Exchange (JSE) in January 2026, ending its long history as a publicly-traded company.
- Murray & Roberts Holdings (MRH) will exit the Johannesburg Stock Exchange (JSE) in January 2026, marking the end of its long tenure as a publicly-traded company.
- The delisting decision follows a High Court winding-up order and the planned sale of Cementation and TNT businesses, eliminating prospects for shareholder returns.
- The company’s ordinary shares will cease off-market trading on January 13, 2026, with an official delisting date set for January 19, 2026.
- MRH, founded in 1902, has a long-standing historical presence on the JSE, having listed in 1951 and undergone significant developments over the years.
Reason for Delisting
The decision follows a final winding-up order by the High Court of South Africa and the planned sale of Murray & Roberts Limited’s (MRL) Cementation and TNT businesses. In a statement, MRH said it “acknowledged that there is no prospect of distributing returns to shareholders, nor of re-establishing its operations.”
Delisting Timeline
MRH will work with the JSE to remove all ordinary shares from trading. Off-market trading for shareholders ends on 13 January 2026, with the official delisting scheduled for 19 January and a record date of 16 January. After delisting, shareholders will remain invested in an unlisted entity, with further communications coming from the provisional liquidator.
“Any further updates in respect of the company will be communicated by the provisional Liquidator, in due course,” the company said. “The Board and management acknowledge and appreciate the contribution of shareholders to the company’s history and legacy over many years.”
A Long History on the JSE
Murray & Roberts traces its origins to 1902 as a house builder in the Cape Colony under the name Murray & Stewart. The company listed on the JSE in 1951 and became Murray & Roberts after merging with Roberts Construction in 1967.
Financial Struggles and Business Rescue
MRH’s decline accelerated in April 2025 when it reported commercial insolvency linked to ongoing business rescue proceedings at MRL. In its interim results for the six months ending 31 December 2024, MRH posted a loss before interest and tax of R646 million ($38.7 million), up sharply from R2 million ($120,000) in the previous year. The losses were largely driven by guarantees on MRL projects being called by clients to fund project completion.
Sale of Key Operations
A central part of the business rescue plan is the sale of MRL’s operations to Differential Capital, covering Cementation businesses in Africa and the Americas, as well as TNT in the Americas. This sale removed MRH’s revenue-generating assets, leaving the holding group insolvent.
MRH and MRL Are Separate Entities
MRH stressed that MRL and MRH are legally separate. “The business rescue proceedings are not affected by the removal of listing and will continue under the supervision of the appointed practitioners,” the company said.
