Clough sells Forge stake to Macquarie Capital

South African construction group Murray & Roberts (MUR) announced on Monday that its 62%-held Australian subsidiary Clough Limited has concluded a Block Trade Agreement with Macquarie Capital (Australia) Limited to underwrite the sale of approximately 30.9 million shares in Forge Group Limited at a price of AUD6.05 per share.

The gross proceeds of the sale were approximately AUD187 million. Following the completion of the sale‚ Clough will no longer hold any shares in Forge.

Clough is an engineering and project services contractor servicing the Energy & Chemical and Mining & Mineral markets in Australia and Papua New Guinea. Clough's services range from early concept evaluation and feasibility studies through design‚ construction‚ commissioning and long-term asset support and optimisation.

Forge Group is a fully integrated‚ multidisciplinary Engineering‚ Procurement and Construction (EPC) service provider‚ delivering end-to-end EPC turnkey solutions to the power and infrastructure‚ mineral and resources and oil and gas sectors across Western Australia‚ Queensland‚ South Australia and further afield in New Zealand.