Japaul Oil is about to wake from the dead
by BALA AUGIE
February 20, 2018 | 1:11 am| | | Start Conversation
Japaul Oil and Maritime Services Plc could wake up from the dead as it has signed a $350 million financing agreement with Milost Global Incorporated.
The financing was arranged and negotiated by Palewater Advisory Group Inc. in New York and Banklink Africa Limited in Nigeria.
The funds will be injected into the company, with a focus on its mining operations.
Japaul Oil is technically insolvent as its total liabilities of N51.41 billion as at September 2017, exceeded total assets of N27.10 billion. This resulted in a negative shareholders fund of N24.31 billion in the period under review. Negative shareholder equity on a company’s balance sheet is a red flag that investors should dump its shares.
Japaul Oil & Maritime Services Plc was first incorporated in 1994 as a private limited liability company with an authorized and paid up Share Capital of ₦1,000,000 divided into 1,000,000 Ordinary Shares of N1 each. The company commenced active business operations in 1997, and is listed on the Nigerian Stock Exchange (NSE).
Japaul Oil & Maritime Services Plc provides marine offshore construction, marine equipment leasing, and oilfield marine support services.
Japaul Mines and Products Limited, is a mining company whose quarries are located in Elegbeka, Ifon, Ondo State and Ibarakom Village, Forestry Road, Njagachang, Akampa, Cross Rivers State, Nigeria.
Japaul Oil shares closed at N0.36 on Friday’s NSE trading session. Year to date, the stock is down 28 percent.
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