Regency Assets Management Limited has sold its 2.65 per cent shareholding worth around N1.5bn in Julius Berger Nigeria Limited, thereby ceasing to be a substantial shareholder of the construction giant.
Julius Berger made the disclosure in a filing on Saturday seen by THE WHISTLER on the Nigerian Exchange Limited.
The company said Regency Assets divested 42,404,724 shares.
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Julius Berger said, “Regency Assets Management Limited gave notice of its Cessation as a substantial shareholder by its divestment of 42,404,724 units of shares representing 2.65 per cent of the issued share capital of Julius Berger.”
The construction giant, however, did not disclose the transaction parties.
Analysis by THE WHISTLER shows that Regency Assets may have sold the 42.4m shares for N1.5bn.
The shares of Julius Berger closed on Friday at N36.2/share while it traded on Thursday at N34.4/share.
As of September this year, Regency Assets controlled 80 million shares which is 5 per cent of the 160,000,000 issued share capital of Julius Berger.
Godstone Estate Ltd is the largest single majority shareholder of Julius Berger with 317.89 million shares or 19.87 per cent of the issued share capital.
Neptunehill Company Ltd controls 18.22 per cent of the issued shares of Julius Berger while Watertown Energy Ltd controls 160 million shares or 10 per cent of the issued share capital.