Japaul Oil and Maritime Services (JOM) Plc’s stocks have continued its unprecedented rally since private equity firm Milost Global agreed to inject capital into its balance sheet.
Japaul Oil’s stocks have gained 94 percent since the start of the year, making it one the best performing companies on the Nigerian Stock Exchange All Share Index (NSE, ASI).
Investors are upbeat that the intended capital injection of $350 million by the private equity firm will reinvigorate beleaguered Japual Oil.
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.
Milost Global, founded by Mandla J Gwandiso in 2015 is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital.
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).
BALA AUGIE
