WorldStage Newsonline– The stock market remained unmoved on Thursday by the notification of Julius Berger Nigeria Plc that its board had approved a diversification opportunity for the company in agro-processing sector.
The stock price of the leading Nigerian company offering holistic services covering the planning, design, engineering, construction, operation and maintenance of buildings, infrastructure and industry projects, remained flat throughout the day at N15 per share despite 30 transactions involving 145,041shares valued at N2,269,252.25.
The notification at the Nigerian Stock Exchange about the new opportunity signed by C. E. Madueke (Mrs.), Company Secretary was persuasive and raised hopes of market approval saying, “We trust that the Market would accept and react favorably to the information given above.”
The stock price with 52 weeks high at N22.92 and low at 14.90 had declined by 13.33% in the last one month.
It will not be the first time that the company will be venturing into diverse areas to remain competitive.
Julius Berger in November 2019 announced its diversification into the oil and gas industry, with the acquisition of a 20% equity stake in Petralon Energy Limited.
On the latest opportunity, the Company Secretary said, “The Board of Directors and the Executive Management of Julius Berger strongly believes that this diversification direction would support the continued success of the Group in the future and align with the strategic objective of the Government to stimulate value creation in Nigeria.
“Julius Berger’s business is centered around a long term strategy. The goal of the Board of Directors and the Executive Management of Julius Berger is to deliver on that strategy by maintaining and strengthening the Company’s competitive advantages in the Construction sector, and Capital Market.
“We have severally advised the Market that Julius Berger will be looking into diversification opportunities, based on the emerging developments, political, economical and structural in Nigeria and the resultant reforms by the Governments.”