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Johannesburg - South African builder Murray & Roberts Holdings [JSE:MUR] said on Monday executives of its unit Concor Ltd may have transgressed the Competition Act in some tender projects, sending its shares lower.
M&R and its construction rivals are the target of a bid-rigging probe by South Africa’s competition watchdog, which has put pressure on the builders’ share prices.
“The Group regrets to advise that a relatively small number of projects have been identified, primarily in a designated sector in which Concor Limited is active, where the act may have been transgressed through the unauthorised actions of senior executives,” M&R said.
The firm said it may be penalised under terms of what is called the “fast track process”, which requires firms to list projects where the company believes, or has evidence, that it may have transgressed any of the provisions of the Competition Act.
M&R said the fast track process may unearth further projects where Concor or M&R have transgressed the act.
Two months ago, M&R posted a half-year loss, hit by an $111m.
Shares in M&R dropped 5.44% to R25.01 in late afternoon trade, lagging a 2.43% weaker JSE All Share [JSE:J203] index.
M&R and its construction rivals are the target of a bid-rigging probe by South Africa’s competition watchdog, which has put pressure on the builders’ share prices.
“The Group regrets to advise that a relatively small number of projects have been identified, primarily in a designated sector in which Concor Limited is active, where the act may have been transgressed through the unauthorised actions of senior executives,” M&R said.
The firm said it may be penalised under terms of what is called the “fast track process”, which requires firms to list projects where the company believes, or has evidence, that it may have transgressed any of the provisions of the Competition Act.
M&R said the fast track process may unearth further projects where Concor or M&R have transgressed the act.
Two months ago, M&R posted a half-year loss, hit by an $111m.
Shares in M&R dropped 5.44% to R25.01 in late afternoon trade, lagging a 2.43% weaker JSE All Share [JSE:J203] index.
