In line with its strategic partnership and joint investment agreement with Petralon Energy for the acquisition and development of oil fields in Nigeria, leading construction giant, Julius Berger Nigeria Plc, has notified the Nigerian Stock Exchange (NSE) of readiness to join the big boys in oil and gas industry.
The company said in a statement made available to the NSE but seen by Business Hilights that the move is to diversify earnings for the delight of shareholders in Nigeria.
Sketchy details of the move showed that Julius Berger Nigeria Plc is set to acquire 20 per cent equity stake in Petralon Energy Limited.
Already, Petralon Energy had offered 20 per cent of its equity share capital in Petralon 54 Limited for subscription to Julius Berger Investments Limited, a wholly owned subsidiary of Julius Berger.
The indigenous construction group added that the subscription was subject to engagement and the receipt of all, consents, and approvals.
The statement read in part, “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.”
Besides, Julius Berger noted that the share capital of JBIL was sufficient to fund the investment.
While insisting that investment is in line with the strategic goals of Julius Berger on diversification and would enable the acquisition of know-how and experience in the oil and gas sector, the company assured prospective investors on the Exchange of more investment information as the diversification progresses.
