Waco International postpones listing after scaffolding collapse
South Africa’s Waco International Holdings, a firm in the construction equipment sector, has postponed its planned listing on the stock exchange after the collapse of a bridge support structure in Sandton.
Murray & Roberts Holdings, the company constructing the bridge, said earlier on Thursday that it has started a probe into the collapse.
Waco had planned a private placement and listing by the end of October, but said it will now wait. More Insight
“In light of market uncertainty and industry concerns arising from the tragic collapse of the M1 bridge in Sandton yesterday, the Company has decided that it is at this time no longer appropriate to continue with the placement and listing,” Waco said in a statement.
Independent investigators have been appointed, but finding the cause of the collapse could take weeks, if not months, said Eduard Jardim, a spokesman for Murray & Roberts.
“The cause of the incident has not yet been determined and the company is working closely with the relevant authorities on the investigation,” the company said in a statement.
The motorway was reopened on Thursday afternoon.