News Column

Julius Berger Seeks N7.5 Billion for New Opportunities

June 23, 2014

Bamidele Ogunwusi

Shareholders of Julius Berger (Nig) Plc, at the weekend in Abuja approved a proposal by the board for additional N7.5 billion capital.

The amount would be raised "through the issuance of any form of debt and or/equity instrument(s), whether by way of a public offering, private placement, rights issuance or any other method(s) they deem fit, with or without preferential allotment(s), either locally or internationally."

Speaking at the meeting, the company's Managing Director, Wolfgang Gotsch, said the amount is needed to gain an edge whenever there is opportunity, just as it is poised to navigate new grounds to extend its dominance in the construction sector.

The meeting also increased the company's authorized share capital from N622.5 million, comprising of 1.245 billion ordinary shares of 50 kobo each, to N800 million made up of 1.6 billion ordinary shares of 50kobo. The increase in share capital followed the creation of additional of N355 million ordinary shares of 50kobo each.

Gotsch said in 2013, "our projects for NLNG on Bonny Island achieved over 15million man-hours and seven years without a lost time injury and several sites including the Abuja Airport expressway, the Procter& Gamble Babycare Expansion Facility and Uyo.

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Source: AllAfrica

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