PIC increases shareholding in M&R to 20.41%

Engineering and construction group Murray and Roberts (M&R) on Monday reported that the Public Investment Corporation(PIC) has increased its beneficial shareholding in the company from 19.96% to 20.41%. The PIC is one of M&R’s biggest shareholders.

Another significant shareholder ATON, which holds around 44% of M&R’s shares, is seeking to buy out all shares it does not already own. M&R has, meanwhile, announced plans to buy out construction company Aveng, saying the transaction would create scale in M&R’s key markets such as Australasia and Africa, while shoring up liquidity in loss-making Aveng in the near term. M&R shareholders last week voted for the company to look into a potential tie-up with Aveng, sending Aveng‘s shares around 25% higher.