The largest single shareholder of Julius Berger Plc, Bilfinger has announced it is planning to dispose of its shares in Julius Berger Plc.
Bilfinger owns (as at March 2015) 30.3% shares in Julius Berger with the next largest single shareholder being Watertown Energy Ltd with 10%.
According the press statement, the reason for their exit is based on Bilfinger’s strategic realignment from a construction company to an engineering and services group in the last decade which saw Bilfinger SE divest totally from its construction activities.
This is also not the first time, Julius Berger is selling down its stakes in Nigeria as it sold off 10% to Watertown Energy Ltd (owned by Nestoil) in 2012. Julius Berger in 2014 also appeared to have sold about 3.1% of its equity to Goldstone Estates Ltd another shareholder of Julius Berger.
This however, is confirmation that it is exiting the company completely even though they didn’t confirm if they will be coming back to Nigeria in any form apart from construction.
A 33% sale at current prices (N50) will cost any purchaser about N20 billion and very well within the range of interested acquirers.
Get the press release
