South Africa’s biggest JSE-listed construction firm, Murray & Roberts (M&R), on Wednesday said it had effectively completed the sale of its subsidiary and steel pipe maker, Hall Longmore (Longmore), to buyers who preferred to keep their identity under wraps.

Murray & Roberts said the business’ fixed assets were disposed of at net book value and the working capital will be achieved by it (Murray & Roberts) in the next few months.

A net book value is the value of an asset as it is carried on the company’s books while working capital refers to the company’s efficiency and its short-term financial health.

The company said South Africa’s competition authorities had approved the deal and that all conditions have been met.

Longmore was the last company to be sold in the initial Construction Products Africa unit in the Murray & Roberts stable.

Murray & Roberts said the large chunks of the businesses in the Construction Products Africa stage were sold last June.