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By UMORU ABDULKADIR
Following the lull in the construction sector, Julius Berger Nigeria Plc has diversified into the oil and gas sector, acquiring 20 percent stake-holding in Petralon Energy Limted to play in a sector that has dominated Nigeria’s economy for decades.
In a process that started earlier in the year, the investment arm of Julius Berger Plc, Julius Berger Investments Limited (JBIL) has now entered the fray to complement its earnings from the construction segment of the economy
The Company Secretary, C. E Madueke Monday announced the strategic partnership with Petralon Energy Limited noting that “Julius Berger Nigeria Plc had on June 19, 2017 notified shareholders of its strategic partnership and joint investment agreement with Petralon Energy Limited (“PEL”) for the acquisition and development of oil fields in Nigeria.
PEL had offered to Julius Berger Investments Limited (JBIL), 20 percent of its equity share capital in Petralon 54 Limited (P54L), a subsidiary of PEL (the Investment). The subscription is subject to engagement and the receipt of all, consents, and approvals.
It further disclosed that the Board of JBIL had approved the acquisition subject to the necessary engagements, and receipt of all the requisite regulatory approvals and consents.
“The Investment has received ministerial consent but necessary engagements with key stakeholders regarding the Investment, continues.
The notice reads in part, “the share capital of JBIL is sufficient to fund the Investment. The Investment is in line with the strategic goals of Julius Berger on diversification and would enable Julius Berger to acquire know-how and experience in the Oil and Gas Sector.”
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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