Julius Berger Nigeria (JBN) Plc has entered into a strategic partnership and joint investment agreement with Petrolan Energy Limited.
According to a notification to the (NSE), the company said the the alliance is in line with its strategic goal to diversify into oil and gas sector.
JBN’s partner, Petrolan Energy Limited, a Nigerian upstream energy company said the move by the JBN is timely, given the fact that JBN has suffered dwindling fortunes in recent times, leading to a loss of N1.239 billion of the year ended December 31, 2016.
Mr. Mutiu Sunmonu, the chairman of both Petrolan Energy Limited and Julius Berger Plc, while speaking to shareholders said: Based on the loss suffered by the company, it did not pay dividend of 2016. However, the chairman assured the shareholders that the board and management were more focussed on ensuring the survival of the company in this harsh economic and operational environment.
Sunmonu noted that JBN would continue to implement its long-term strategy of diversification with regards to business segments and client mix.
“The company will continue to strengthen its presence in the power sector by enhancing its position as an engineering, procurement and construction contractor of choice. Opportunities in other new business areas will continue to be identified and explored diligently, with negotiation already proceeding on a number of promising projects, and debt recovery measures, including extraordinary actions already initiated with the federal government, will continue to be pursued to find amicable solution,’’ he said.
Did you find this article informative? Kindly like, comment and share!