Japaul opens offer September 24.
September 17th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Come September 24, 2007, Japaul Oil & Maritime Services plc would float its hybrid public offer to the Nigerian public. The company is seeking to raise N5 billion by offering 1,007,488,188 ordinary shares of 50 kobo at N3.95 per share to the general pubic, while 291,549,045 ordinary shares of 50 kobo per share at N3.50 per share is being offered to the existing shareholders.
The approval was given at a stakeholders meeting which was held in lagos recently. Alsothe right issue would be offered to the existing shareholders on the basis of one new ordinary shares for every four ordinary shares held by them as at Friday July 6, 2007.
The Managing Director/CEO, Japaul Oil & Maritime Services Plc, Mr. Paul. A Jegede said the purpose of the offer is enable the company meet its expansion and diversification plans in key areas of oil servicing and maritime services.
The breakdown of utilization of the funds is as follows: Acquisition & Offshore oilfield support vessels 43 per cent; Acquisition of equipment & accessories 23.66 per cent; Investment in construction materials for oil field facilities 21.5 per cent; Infrastructure & Fabrication facilities 8.6 per cent and working capital 2.23 per cent.
The Joint Issuing Houses include: First Inland Bank Plc, and Futureview Financial Services Limited. The offer closes on Wednesday, October 31, 2007.
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