Murray & Roberts Sells Stake in Zimbabwe Unit to Local Investors

Murray & Roberts Ltd. (MR) of South Africa and Trinvest Investments Ltd. of Zimbabwe sold their 47 percent stake in Murray & Roberts Zimbabwe to Zumbani Capital, the South African company said.

Zumbani Capital is made up of Zimbabwean investors including the current chairman and the previous chief executive officer of Murray & Roberts Zimbabwe, Ed Jardim, a spokesman for Murray & Roberts Holdings Ltd. (MUR), said in an e-mailed response to questions today. Murray & Roberts Ltd. of South Africa is the wholly owned, unlisted operating unit of Murray & Roberts Holdings.

Murray & Roberts Zimbabwe is “heavily focused on manufacturing and no longer fits within the existing Construction Africa and Middle East operating platform or the group’s Africa strategy,” Jardim said.

The Herald, a Harare-based newspaper, reported earlier today that the stake was acquired for 1.47 U.S. cents a share, compared with Murray & Roberts Zimbabwe’s last-traded price of 7 cents in a “special bargain” on the Zimbabwe Stock Exchange.

Regulatory approval for the transaction has been received and Murray & Roberts Zimbabwe is expected to change its name within the next three months, Jardim said.

To contact the reporter on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.