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Investments in Japaul & Resort Savings Gives’ Market Operators Concerns, Demands Explanation from Issuers.
  • Post by Admin on sunday, March 05, 2015

Based on the notice sent to the Nigerian Stock Exchange (NSE) by Japaul Oil and Maritime Services Plc and Resort Savings and Loans Plc concerning investments from Milost Global Inc of New York USA, some concerned market operators has called on the two issuers to come and brief the market community about the transactions.

The concerns of market operators is to forestall any action that will put investors and the market in a regrettable position. They noted that based on the way Japaul share price started to rise as a result of Milost Global injection of $350 million into the company, similar thing may be experienced in the share of Resort Savings and Loans Plc.  They urged the Securities and Exchange Commission and Nigerian Stock Exchange to take a critical look at the transactions in the interest of the market and the economy at large.


Japaul Oil and Maritime Services Plc Notice To NSE on February 19, 2018


Japaul Oil and Maritime services Plc wishes to notify its shareholders and other stakeholders that the company has entered into a binding commitment with Milost Global Inc., an American Private Equity firm with Head Office in New York City, USA. This is in line with the mandate received from the company's shareholders at the Annual General Meeting held on Thursday the 30th day of June, 2016 on her 11th Annual General Meeting. The facility is in form of $250 million Equity injection and $100 million Convertible Notes. This will help to bail out the Company from the present financial situation.

Japaul therefore seeks the understanding and cooperation of its stakeholders, as it will soon commence the transaction by going through all the laid down rules and regulations of Securities & Exchange Commission (SEC) and The Nigerian Stock Exchange (NSE), because the commitment is still subject to regulatory approvals.

The Company shall be communicating this financing commitment to the Shareholders as necessary.

Thank you.

Akin Oladapo Ag. Group Managing Director

Resort Savings & Loans Plc Notice To NSE on 06 March 2018


The Board and Management wish to notify The Nigerian Stock Exchange ("The Exchange") that the Bank has been able to source a prospective investor, Milost Global Inc of New York, USA who has held preliminary discussions with the Bank.

Following discussions, The Bank has executed a $250 million financing facility term sheet and a Commitment Letter with Milost Global Inc. The financing is comprised of $100 Million equity and $150 million debt.

The Bank had earlier secured the interest of a local investor which the Central Bank of Nigeria is expected to give final approval to in due course.

With the signing of the Commitment Letter, a Due Diligence exercise will take place after which a substantive Agreement and other documentations will follow. The Central Bank of Nigeria has been informed in the same vein.

The transaction will be executed in phases through private placing for the investors after securing approvals from Central Bank of Nigeria, Securities and Exchange Commission and Nigeria Stock Exchange.  It is the believe of the Board and Management that the proposed investment will assist the Bank in no small way in recapitalizing the business, growing capacity and in becoming the leader in the mortgage finance industry. With this, we expect to be able to deliver impressive returns to our shareholders and satisfy the expectations of our other stakeholders in the very near future.

The action was approved at our Board meeting of 26th February, 2018

Thank you.

Photo Caption: Stock brokers on the trading floor of NSE 

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