Julius Berger Investments to acquire 20% equity in Petralon 54 Limited

Julius Berger Nigeria Plc has updated its shareholders on the strategic partnership with Petralon Energy Limited.

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 for subscription to Julius Berger Investments Limited (JBIL), a wholly owned subsidiary of Julius Berger, 20percent of its equity share capital in Petralon 54 Limited (P54L), a wholly owned subsidiary of PEL (the Investment). The subscription is subject to engagement and the receipt of all, consents, and approvals.

In a notice at the Nigerian Stock Exchange (NSE), Julius Berger Nigeria Plc said 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.

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“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”, the notice reads.

Julius Berger promised to provide further details to the market as the transaction progresses. The share price of the construction giant remained unchanged at N18.55 at the close of trading on Monday October 14, 2019. Julius Berger currently trades around its 52-week low of N18 having reached a 52-week high of N28.80.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.