GERMAN engineering services firm will sell its 33.4 percent stake in Nigeria’s construction firm, Julius Berger before the end of June, the local unit said on Thursday.
The Nigerian construction firm said the proposed transaction will lead to the exit of Bilfinger’s representative from its board but said this would not impact negatively on its operations.
“The decision is based on Bilfinger’s strategic realignment from a construction company to an engineering and services group in the last decade which saw Bilfinger SE divest totally from its construction activities,” Julius Berger said in a statement.
JBN states that this proposed transaction will lead to the exit of the representative of Bilfinger SE from the Board of JBN. The Company added that the decision is based on Bilfinger’s strategic realignment from a construction company to an engineering and services group in the last decade which saw Bilfinger SE divest totally from its construction activities.
The Board of Julius Berger Nigeria Plc and the Executive Management strongly believes that the exit of Bilfinger SE will not impact on JBN in view of the strategic business directions being undertaken by the Board and Management of the Company which would sustain and increase JBN’s efficiency and responsiveness as well as set basis for a future of long lasting success.


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