Julius Berger receives 20% share capital of Petralon 54 on development of oil fields

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Julius Berger Nigeria Plc has received a 20 per cent of Petralon 54 Limited equity share capital in a strategic partnership and joint investment agreement.

In a statement on the Nigerian Stock Exchange (NSE), signed by the company secretary, Mrs. C. Madueke, stated that Julius Berger Nigeria had approved the acquisition subject to the necessary engagements, and receipt of all the requisite regulatory approvals and consents.

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.

It was also noted that the Investment has received ministerial consent but necessary engagements with key stakeholders regarding the Investment, continues.

The Board of Directors also has announced that the company would observe the close period of trading from October 15, 2019, to October 30, 2019.

It stated that the Board Audit Committee of the company would hold a meeting on October 29, 2019, to consider financial results for the third quarter (Q3) ended September 30, 2019.

The close period will allow the board to consider the company’s unaudited financial statements for the third quarter as other company issues will also be discussed during the meeting of the Board of Directors.

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