November 9 2016 17:00
SOUTH AFRICA
Concor which is owned by the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF), is in financial distress and has entered voluntary business rescue proceedings.
It is reliant infrastructure contracts is as a joint-venture (JV) partner on the Eastern Cape’s Msikaba bridge, which is part of Sanral’s multi-billion-rand N2 Wild Coast Toll Road development.
It is believed the company’s financial distress places the employment of more than 2 000 people in jeopardy. Concor has contingent liabilities related to current projects exceeding R1.6bn. Concor has creditors worth R190m, comprising mainly loan funding provided by the shareholders. Its contingent liabilities arising from litigation are estimated at R218m, including contingent liabilities related to OptiPower and Murray & Roberts (M&R).
M&R’s business rescue plan published in March 2025 said Concor had a R469.8m disputed claim against OptiPower related to damages and various costs on the Wolf Wind Farm project. Concor’s cash and cash equivalents amount to R4 000 and the company’s trade and other receivables amount to R11 000.
Concor reported that its investments in subsidiaries and inter-company receivables are worth R811m million and the total amount due from subsidiaries is R25m. The voluntary business rescue proceedings relate to Concor Holdings, Concor (Pty) Ltd, Concor Construction and Concor Mining. Tne GEPF owns 81.25% of Concor’s shareholding and the UIF 18.75%.
The Concor form giving notice of the commencement of its business rescue proceedings was filed with the Companies and Intellectual Property Commission (CIPC) on 6 October 2026, with Concor’s board nominating Nndingeni Moses Sigo of Genesis Corporate Solutions and Paula Anna-Mart Müller of ProCorp Solutions as the joint BRPs.
The first meeting of creditors took place on 20 October 2026.
Concor, in a JV with Mota-Engil Construction South Africa (Mecsa), was awarded the R1.65 billion Msikaba mega bridge project that forms part of the broader N2 Wild Coast Toll Road development. There have been numerous delays to the completion of this project.
247@propertyflash.co.za
