Milost Global said it has invested about $350 million in Nigeria’s Japaul Oil & Maritime Services Plc to expand its operations.
It is expected that the funding will boost the company’s fortunes. For many quarters, Japaul has been underperforming with an average loss of NGN4 billion posted in its third-quarter financial update.
The financing agreement, Business Post gathered, was arranged and negotiated by Palewater Advisory Group Incorporated in New York and Banklink Africa Limited in Nigeria.
Japaul is an oil and maritime services company quoted on the Nigerian Stock Exchange (NSE) and the funding package was obtained under the Mesa Fund 1, a global opportunity fund managed by Milost Global.
Commenting on the deal, CEO of Japaul Oil, Mr Paul Jegede, stated that, “We are excited with this development and we appreciate Milost who has shown commitment to commence disbursement on the capital to be injected.”
“This is an opportunity to optimize the potentialities in all areas of our businesses especially in areas of mining which the Japaul Group has diversified.
“With this Capital to be injected into our company, more businesse will be done and more returns are guaranteed for all the shareholders of our company. All glory belongs to God,” Mr Jegede enthused.
On his part, the Senior Partner & CIO of Milost Global, Mr Solly Asibey, noted that, “Japaul has been a household name and a hidden gem in Nigeria for years. We are glad to have discovered this priceless company that boasts a tried, tested and astute leadership team.
“We are convinced that the world-class turnaround strategy of Japual, as well as its diversification strategy coupled with Milosts vertical integration portfolio and investment mix, will create tremendous value to all stakeholders moving forward.”
Also commenting, Kim Freeman, the Managing Partner & CEO of Milost Global Inc, said, “Our investment in Japaul represents Milost’s current strategy of investing in sustainable diversified vertical industries that support economic growth not only in Nigeria and Africa but worldwide.
“We see a great future for Japaul and it will be a privilege to invest in their many projects going forward.”