HARARE — The decision by Murray & Roberts Holdings to exit the Johannesburg Stock Exchange in January 2026 marks more than the end of a 123-year-old South African construction firm as a listed entity.
For Zimbabwe, it symbolises the fading of a regional construction era in which Southern African companies, rather than foreign state-backed contractors, built much of the region’s industrial and mining infrastructure.
Following a final winding-up order by the High Court of South Africa and the disposal of key operating assets linked to Murray & Roberts Limited (MRL), according to BusinessTech, the holding company confirmed that it will be delisted from the JSE, acknowledging that it is no longer commercially viable.
“There is no prospect of the company being able to distribute returns to shareholders or to re-establish operations,” the group said, adding that continued listing was no longer feasible.
The final off-market trading date for shareholders will be 13 January 2026, with formal delisting set for 19 January 2026. Trading in the company’s shares has been suspended since November 2024, when its main operating subsidiary entered business rescue.
A Builder in Zimbabwe’s Post-Independence Economy
Founded in 1902, Murray & Roberts was among the engineering and construction firms that shaped Southern Africa’s industrial backbone. In Zimbabwe, its presence was most visible in mining infrastructure, heavy engineering, industrial plants and civil works, particularly during the post-independence period when regional firms dominated large-scale projects.
Before the economic disruptions of the 2000s, Zimbabwe relied heavily on South African engineering expertise for mining development, power generation and industrial construction. Firms such as Murray & Roberts operated alongside local contractors, transferring skills, technology and project management capacity.
The decline of such regional players mirrors Zimbabwe’s broader shift away from Southern African construction firms towards Chinese, Russian and Middle Eastern contractors, often backed by state-to-state financing arrangements.
Financial Distress and Structural Industry Challenges
Murray & Roberts’ collapse as a listed company reflects structural pressures that have also affected Zimbabwe’s construction sector: delayed payments, currency instability, cost overruns and high project risk.
In its interim results for the six months ended 31 December 2024, the group recorded a R646 million loss before interest and tax, a dramatic deterioration from the previous year. The losses stemmed largely from guarantees being called on troubled projects — a risk familiar to contractors operating in volatile African markets, including Zimbabwe.
In April 2025, the holding company confirmed that it had become commercially insolvent as business rescue proceedings at MRL drained its balance sheet.
Asset Sales and the Hollowing Out of the Holding Company
A central element of MRL’s business rescue plan has been the sale of its mining services operations to Differential Capital, including Cementation businesses operating in Africa and the Americas, as well as TNT operations.
While these transactions are designed to preserve operating companies and employment, they stripped Murray & Roberts Holdings of its revenue-generating assets, leaving it unable to sustain itself as a corporate entity. This ultimately triggered liquidation and delisting.
For Zimbabwe, the asset sale highlights how regional engineering capacity is increasingly being fragmented or absorbed by private equity and global capital, rather than remaining embedded within Southern African industrial ecosystems.
What the Delisting Means for Stakeholders
Following delisting, shareholders will retain stakes in an unlisted entity pending the conclusion of liquidation proceedings. Further updates will be communicated by the provisional liquidator.
The company thanked shareholders for their long-standing support, acknowledging their role in building the firm’s legacy.
A Legal Distinction with Regional Implications
Crucially, Murray & Roberts Holdings (MRH) and Murray & Roberts Limited (MRL) are separate legal entities. While MRH is being liquidated, MRL remains under business rescue and continues to operate independently under court supervision.
This distinction matters for Zimbabwean contractors, suppliers and mining clients that may still engage with MRL-linked operations.
The Broader Zimbabwean Context
The demise of Murray & Roberts as a listed company underscores a broader transformation in Zimbabwe’s construction and mining landscape. Local and regional firms that once built institutional capacity have been displaced by foreign contractors tied to concessionary finance and bilateral agreements.
While this model has accelerated infrastructure delivery, it has raised concerns about skills transfer, local participation and long-term industrial development.
For Zimbabwe, the end of Murray & Roberts’ corporate journey is not merely the collapse of a company, but the closing of a chapter in which regional engineering firms played a central role in national development.
As Zimbabwe continues to rebuild and reindustrialise, the question remains whether a new generation of locally rooted construction champions can emerge, or whether the space once occupied by firms like Murray & Roberts has been permanently ceded to external actors.
