Bilfinger Berger reduces investment in Julius Berger Nigeria

February 03, 2012

Bilfinger Berger is reducing its minority stake in Julius Berger Nigeria PLC (JBN): The Group has sold ten percent of the shares in the company, which is listed on the Lagos stock exchange, to the Nigerian Nestoil Group. Bilfinger Berger, as announced, thus reduces its investment from 49.9 percent to 39.9 percent. The sale is to take effect in the first quarter of 2012 and will lead to net proceeds for Bilfinger Berger of a good €20 million. The stake in JBN will be gradually reduced further.

Nestoil is a leading Nigerian engineering and construction company for the oil and gas industry. “With the Nestoil Group we have found a reputable buyer that is seeking to enter into a long-term investment and cooperate with JBN at an operational level. We are happy that we have been able to put this equity stake in good hands”, said Roland Koch, Chairman of the Executive Board at Bilfinger Berger.

Bilfinger Berger made the strategic decision last year to reduce its involvement in Nigeria. Within the scope of this decision, Bilfinger Berger also intends to sell the engineering and services activities of Bilfinger Berger Nigeria GmbH, Wiesbaden, to JBN. As announced, the investment in the company will be reduced significantly.

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