Murray & Roberts said it is using 'section 45' of the Tax Act to merge with its subsidiary Concor, forming a single company called Murray & Roberts Construction with R6,5bn turnover.

Shares in construction group Murray & Roberts gained 6.76% in afternoon trade on Wednesday after the group announced that it expected diluted headline earnings per share and earnings per share to show a loss for the financial year ending June 2011

Shares in construction group Murray & Roberts gained 6.76% in afternoon trade on Wednesday after the group announced that it expected diluted headline earnings per share and earnings per share to show a loss for the financial year ending June 2011

Construction group Murray & Roberts said in a business update on Wednesday that it expects diluted headline earnings per share and earnings per share to show a loss for the financial year ending June 2011

Eskom said it is unlikely that the closure of the Medupi and Kusile construction sites for two weeks will have any impact on the delivery of the power stations on time.

Investor scepticism and an uncertain future being faced by foreign companies in Zimbabwe are some of the major constraints that have led to low activity in the country's construction sector.

The new CE designate of Murray & Roberts, Henry Laas, says he has no immediate solutions for the group's financial woes, he hinted that the group would target the mining sector.

Construction group Murray & Roberts' CEO, Brian Bruce, has referred to collusion in SA as endemic.

'The twins are going, and theirs will be a tough act to follow,' M&R chairman Roy Andersen says of the retirement of CEO Brian Bruce and financial director Roger Rees.

Murray & Roberts shares continued to sink as investors took a rather dim view of its current arbitration proceedings, poor interim results.