GERMANY-BASED construction and services group, Bilfinger Berger, and its minority shareholding Julius Berger Nigeria PLC (JBN), have signed a letter of intent to acquire the engineering and services activities of Bilfinger Berger Nigeria GmbH, Wiesbaden.The deal worth approximately '350 million (300 million), is expected to improve local content in construction services in the country, according to Bilfinger Berger Executive Board Chairman, Roland Koch, and follows recent initiatives on the part of the Federal Government aimed at increasing local content in the nation's economy.The move, he explained means JBN would increase its stake in Bilfinger Berger's investment from 40 per cent to 49 per cent following the signing of a letter of intent with minority shareholder Julius Berger Nigeria (JBN) under which JBN will acquire the engineering and services activities.Bilfinger Berger Nigeria GmbH was founded on January 1, 2006 with a mandate to oversee the group's business activities in Nigeria that is a wholly owned subsidiary of Bilfinger Berger SE.The company acts as representative and co-ordinator of the group's interests in Nigeria and holds a minority stake in Julius Berger Nigeria Plc (JBN), the largest construction company in Nigeria. Bilfinger Berger Nigeria and JBN are responsible for on-site operations and construction projects in the West African.'The successful operating activities in Nigeria will continue unabated. This requires the vigorous co-operation of all employees involved in the Nigerian business. I can assure you that your jobs are secure,' said Koch.Koch explained that Bilfinger Berger intends to limit its involvement in Nigeria exclusively to financial investments and that conclusion of the transactions is not expected in the current financial year.Julius Berger Nigeria Plc, Public Relations Officer, Mr. Clement Iloba confirmed the development at the weekend, and said the initiative portends better opportunities for the country's construction sector.The company's core competences lie in its technical expertise, as well as, in its wide-ranging knowledge of the Nigerian market in general and conditions in the construction industry in particular.Bilfinger Berger provides a comprehensive range of services in the areas of property, infrastructure and industrial services both in Germany and around the world. The service package ranges from consulting, development, design and financing through to turn-key construction, maintenance and operations.Julius Berger has been active in Nigeria since 1965, has been listed on the Lagos Stock Exchange since 1978, and has operated as Plc since 1991.Other subsidiaries of Bilfinger Berger Nigeria include, CEC Construction Engineering Contracting GmbH and ICS International Contracting Services Limited Nassau Bahamas.
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