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Japaul Nigeria to Receive $350 Million Funding From Milost

  • Stock makes biggest gain in almost four years in Lagos trading
  • Company plans to absorb future oil shocks by adding mining
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Japaul Oil & Maritime Services Plc, a Nigerian oil-services company, said it signed an agreement with private equity firm Milost Global Inc. for $350 million in shares and loans for business expansion.

Milost will invest $250 million in equity and add another $100 million in convertible loans, Japaul Chairman Jegede Paul said in a phone interview on Tuesday from Lagos, Nigeria’s commercial capital. The fresh injection of capital will enable the company to fix grounded vessels, finance new contracts and expand into mining, he said.