October 11, 2011
The company has informed The Exchange and the entire capital market of the following developments that are occurring and would unfold in the months to come:
1. 1. Bilfinger Berger SE has decided to reduce its shareholding in Julius Berger Nigeria Plc but would continue to be a relevant shareholder in the Company.
2. 2. In order to strengthen its corporate independence, Julius Berger Nigeria Plc will enhance, on shore and off shore, its Technical and Logistic capacities by:
· The establishment of the newly incorporated subsidiary, Prime Tech. Design and Engineering Nigeria Limited for the provisions of design and engineering support services to the Company;
· The acquisition of a controlling majority share of the Technical and Logistic business and operations of Bilfinger Berger Nigeria GmbH, Wiesbaden, Germany. This assures the Julius Berger Nigeria Plc is in control of all required services such as, planning, procurement, recruitment and capacity building. Julius Berger has signed a Letter of Intent with Bilfinger Berger SE which would form the basis of the mutual negotiations for this transaction, the execution of which is planned for the beginning of the year 2012.
The Board of Julius Berger Nigeria Plc strongly believes that these strategic business directions would achieve a sustainable increase in Julius Berger’s efficiency and responsiveness, as well as set the basis for future long lasting success.