Construction group Murray & Roberts’s share price
jumped as much as 18% to R12.87 on Friday after it announced the Gauteng
provincial government agreed to pay nearly R1.3bn in disputed Gautrain
bills.
Murray & Roberts said an arbitration process between its
33%-owned Bombela Concession Company and the Gauteng government had
reached a settlement whereby Bombela will be paid R980m within five
days, and up to a further R294m over two years.
This settles four disputes between the Gautrain consortium and the provincial government.
The first was the Sandton Station "cavern" claim relating to the cost
of construction of the station utilising a construction methodology
different to the tendered methodology.
The second was for the John Vorster and Jean Avenues cantilever
bridges claim whereby additional costs were incurred following a design
change.
The third for delays and disruptions that the construction group argued was due to the late handover of land.
The fourth dispute was due to the water ingress into the Gautrain’s tunnels being foreseen, leading to additional costs.
/BDlive
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