Murray & Roberts opts to participate in a R1.25bn 'voluntary' settlement agreement between construction companies.
Competition Tribunal is today due to confirm an immunity agreement JSE-listed construction group Aveng struck with the Competition Commission.
Construction groups say they will collectively pay R1.25bn to accelerate transformation in the country's construction sector in settlement of collusion claims in the industry.
Murray & Roberts is exiting infrastructure and building markets in SA as years of stag nation take their toll.
Construction group Aveng cuts its reliance on SA for future work drastically, a move that could have negative consequences for employment already at record lows.
Group Five reports a 63% leap in aftertax profit on slightly lower revenue for the year to end-June.
Group Five more than doubles core operating profit in the year to June on what it says is an 'exceptional result from its investments and concessions cluster in eastern Europe.
Group Five delivered a pleasing improvement in earnings for the full year to June 2016 due to an exceptional result from the Investments & Concessions cluster, boosted by significant fair value profit realised from the group’s Eastern European project investment portfolio.