Julius Berger offers N2.50 dividend, as UAC acquires Livestock Feeds
By Bamidele Ogunwusi
Management of construction major, Julius Berger Nigeria, on Monday, proposed a dividend of 250 kobo per share to shareholders for the year ended December 31, 2012, subject to shareholders’ approval at the annual general meeting slated for Abuja on June 20, 2013.
This is just as UAC of Nigeria Plc further diversified its operations, with the acquisition of majority 51 per cent stake in Livestock Feeds Plc, the leading animal feeds producers in the country.
The transaction was concluded via a special placement, further raised the stake of UAC, which currently operates in the foods, paints, logistics and real estate sectors, and previously owned over 11 per cent of the LSF through secondary market trade.
The transaction, according to the group, has received the required statutory approvals.
Commenting on the rationale for the transaction, UACN’s Group Managing Director/CEO, Mr Larry Ettah said: “This strategic acquisition is industry-defining and underscores our strategy to position UACN Group as a portfolio of companies with exposure to the growth segments of the Nigerian economy.
“The addition of Livestock Feeds to our business brings our combined share in the Nigerian animal feeds market to 32 per cent. It enhances our response to demand in the industry and provides us with an immediate opportunity to diversify our manufacturing and sales locations.