Construction group Murray & Roberts said on Thursday it would issue 112,843,490 shares to qualifying shareholders at R18 per share as part its R2bn rights offer.
The company wants to bolster its liquidity in the short to medium term to withstand current “uncertain” global economic and financial markets.
“Subsequent to the October 2008 global financial crisis, and in particular since early 2010, Murray & Roberts’ business environment has been impacted by the weakening of the global economy and the slowdown in South African public spending on infrastructure.