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Johannesburg - Murray & Roberts Holdings [JSE:MUR] share price slid nearly 6% in early trade on Tuesday after the construction group said it intended to raise around R2bn in a rights offer.
The company said that it had considered the continued implementation of the group's recovery and growth plan, the expected funding requirements of the order book, optimal balance sheet structure, debt repayment tenure and the protracted nature of the claims settlement process, and believed it was prudent to raise additional equity capital from shareholders.
In morning trade on the JSE, the stock was down R1.25 or 4.46% to R26.75, but this was off its earlier low of R25.49.
The company said that it had considered the continued implementation of the group's recovery and growth plan, the expected funding requirements of the order book, optimal balance sheet structure, debt repayment tenure and the protracted nature of the claims settlement process, and believed it was prudent to raise additional equity capital from shareholders.
In morning trade on the JSE, the stock was down R1.25 or 4.46% to R26.75, but this was off its earlier low of R25.49.
