23 December 2005
	Murray & Roberts ERECTING EMPOWERMENT By Mzwandile Jacks

Construction group Murray & Roberts (M&R) says it has sealed a R500m transaction to buy back 33,2m shares from its shareholders in an effort to introduce broad-based direct black ownership into the company. Group financial director Roger Rees says the buy-back, which amounts to 10% of the issued share capital of the company, took place early last week. This commitment comes from a company whose counterparts in the sector have shown little interest in empowerment. SA's construction industry has vast inequalities in ownership, with black participation limited mainly to micro- and small business. Early this month M&R shareholders voted in favour of the company introducing broad-based direct black ownership. The aim is to achieve a ratio of more than 25% by 2010. CE Brian Bruce says: "We have decided to provide a base-line capacity at M&R group level. And we do not see empowerment as a big-stick issue." About 14 000 qualifying employees in the SA operations of M&R will receive a grant of 300 shares, each valued at almost R6 000, at current market prices. The remaining shares will be used to establish an employee benefit trust, a black executive share trust and a broad-based community trust. "It is our wish that employees retain their shares after a five-year moratorium. We are facing the potential of sustainable real growth in our industry for the first time in almost three decades," says Bruce.