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   Market Date: 02-10-2014   
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Shoreline Acquires Costain West Africa

Category: Investors NewsBeat


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Shoreline Acquires Costain West Africa

Shoreline Energy International Limited, a closely held firm with Nigerian interest, has acquired controlling interests of Costain Group Plc UK in Costain West Africa Plc., making it the new owner of the construction firm.

Managing Director of Shoreline Energy International, Mr. Kola Karim, described the acquisition as central to his company’s strategy of becoming the leading infrastructure solution provider in Africa.

“This is the second big acquisition we have made in West Africa in the last two years and it is in line with our goal of becoming the foremost infrastructure solution provider on the continent”, Karim said.

He disclosed that a technical service agreement is in place with Costain Group Plc UK to continue to support Costain West Africa Plc’s various projects across West Africa.

“We already have substantial stakes in the infrastructure sector in East Africa and will be in the same position in Southern Africa when we complete a major acquisition which is at an advanced stage of negotiations,” Karim added.

Managing Director of Costain West Africa Plc, Mr. Phillip Wharton, also said the divestment by Costain Group Plc, will not impact negatively on the operations of the company.

He expressed optimism that Shoreline would bring vigour, new ideas and much needed investment into Costain West Africa Plc which will enable the company to re-strategise in order to regain its position as the leading engineering company in the region.

“I am excited at having Shoreline Energy International on board. Over the last few months working on this acquisition, I have been impressed by the energy, dynamism, commitment and ideas of Shoreline Energy International. I am convinced their presence will make a huge difference to Costain West Africa Plc”, he stated.

Shoreline already has substantial investment in Nigeria. In 2005, its subsidiary, Shoreline Power Company Limited, acquired the manufacturing arm of ABB Nigeria, ABB Electrical Systems Limited, making it the only Original Equipment Manu-facturer (OEM) for ABB products in Sub-Saharan Africa.

The company’s focus has been on power distribution infrastructure development in Africa and through another subsidiary, Agbara Shoreline Power Company, it is also building an 100MW power plant in Agbara Estate.

Shoreline Energy International also has substantial interests in the telecommunications sector through its subsidiary, Fortis Construction Limited. - ThisDay



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