IAB (Ingeniur und Anlagenbau), a German project-engineering and contracting company for the oil, gas and petrochemical industries, has emerged as a 7.21 per cent shareholder in Bula Resources (Holdings). Bula had announced last October that NCL (Nominees) had a notifiable interest, representing 7.46 per cent of the company's then issued capital. It has now been disclosed that IAB owns 150 million of these shares, representing 7.21 per cent.

Bula has also announced that Mr Eonuh Rhee, chairman and chief executive of IAB, has joined the board as a non-executive director. He is senior finance director and a managing director of Dongah Construction Industrial Company, the parent company of IAB. Dongah is the main contractor for the $10-billion Great Man Made River project in Libya.

Bula's chairman, Mr Albert Reynolds, said Mr Rhee's "experience in Libya will make a significant contribution to supporting the board's strategy in Libya and Iraq".