Segun Atanda/
Japaul Oil & Maritime Services Plc is boosting its operations with some $350 million through a financing facility from Milost Global Inc.
The oil and maritime services company that is quoted on the Nigerian Stock Exchange says it has entered into a binding commitment letter with Milost for a financing facility of $350 million under the Mesa Fund 1, a global opportunity fund that is managed by Milost Global Inc. The financing was arranged and negotiated by Palewater Advisory Group Inc in New York and Banklink Africa Limited in Nigeria.
The CEO of Japaul, Mr Paul Jegede, stated, “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 businesses will be done and more returns are guaranteed for all the shareholders of our company. All glory belongs to God.”
Senior Partner and CIO of Milost Global, Solly S. Asibey, stated: “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.”
Kim Freeman, the Managing Partner & CEO of Milost Global Inc, also stated: “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.”
According to its profile on www.japaulgroup.com, Japaul is engaged in marine businesses, oilfield operations and engineering constructions. The Company’s services include offshore vessels owning and chartering; dredging and reclamation works; downstream petroleum marketing; pipeline/flowline constructions and repairs; infrastructural development; mining; engineering, procurement, installation and commissioning (EPIC), and marine logistics/equipment fabrication, leasing and repairs. The Company operates in Nigeria, the United Arab Emirates, Oman, India, the United States and Benin Republic. The Company, through its subsidiary, Japaul Energy Limited (JEL), is engaged in the trading of petroleum products around the West Coast of Africa. Its subsidiary, 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.
Milost Global Inc is an American Private Equity firm with headquarters in New York City. It has more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development.
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