Construction company, Julius Berger Nigeria, known for building a number of arteries, highways and thoroughfares in the country said it would foray into agro-processing, citing “the emerging developments, political, economical and structural situation in Nigeria and the resultant reforms by the governments.”
It said in a note posted by the Nigerian Stock Exchange (NSE) on Thursday, that it had pre-informed the stock market of its diversification aspirations.
The board at its meeting on 22nd September endorsed a diversification opportunity for the firm to leverage in agro-processing, Julius Berger said in a note signed by Company Secretary, C.E. Madueke.
“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,” the document said.
Julius Berger began operations in Nigeria in 1950 when it won a contract to construct the Eko Bridge in Lagos through a soft loan from the German government. It attained incorporation status in 1970.
Shares in Julius Berger opened trade on the floor of the NSE on Thursday at N15 per unit.