The Board of Julius Berger has approved a diversification opportunity for the company in Agro-processing, at the board meeting held on Tuesday, September 22, 2020.
The company made this known in an Adhoc announcement sent to the Nigerian Stock Exchange (NSE), the investing public, and other stakeholders in the Capital market. The Adhoc announcement, which is dated 23rd, September 2020, was signed by the Company’s Secretary, C.E. Madueke.
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Nairametrics found that the board’s decision to seek out opportunities in the Agro-processing industry, is based on its quest for more operational rigor, given the widespread economic vulnerabilities in the country, and also the resultant reforms by the Government.
The board reiterated that Julius Berger’s business is centered around a long-term strategy, and the board is keen to deliver on that strategy, by maintaining and strengthening the Company’s competitive advantages in the Construction sector, and Capital market.
The Board of Directors and the Executive Management of Julius Berger, strongly believe that this diversification direction would support the continued success of the Group in the future, and align with the government’s strategic objectives to stimulate value creation in Nigeria.
Back-story: It is important to note that, in November 2019, Nairametrics reported that Julius Berger announced its diversification into the oil and gas industry, with the acquisition of a 20% equity stake in Petralon Energy Limited.
The Board stated that the 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.