After 50 years of operating as a construction business, Julius Berger is seeking financial opportunities in a different sector in Nigeria. The Construction company announced plans to diversify into agric business to increase its earnings.
Julius Berger informed its shareholders and the Investing public that agric business is the new path the company has chosen to adopt. Although the company is dividing its focus, it stated that "Julius Berger’s business is centered around a long term strategy."
The diversification was agreed upon by the Board of Julius Berger at its meeting held on September 22, 2020. It stated that the company sees opportunity in Agro-processing, a statement seen by AllNews disclosed.
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Julius Berger stated that, "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." the statement reads.
It further disclosed that, "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.
"We would advise the Exchange and the Capital Market that the Board of Julius Berger at its meeting held on September 22, 2020 approved a diversification opportunity for the Company in Agro-processing.
"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."