Japaul Oil & Maritime Services Plc. to Receive $350 Million Funding From Milost Global Inc.
Japaul Oil & Maritime Services Plc., has signed an agreement with a private equity firm, Milost Global Inc., for $350 million in shares and loans for business expansion.
With this development, Milost will invest $250 million in equity and add another $100 million in convertible loans.
According to our chairman, Mr. Jegede Paul, the fresh injection of capital will enable the company to fix grounded vessels, finance new contracts and expand into mining. He added that Japaul’ s oil and gas operations suffered a setback with the 2014 plunge in crude prices, which forced exploration and production companies to scale back their activities. As prices are recovering, we want to take the advantage of new business opportunities in the industry. The company plans to absorb future oil and gas price shocks by diversifying into mining.