BUA Group, a leading foods, infrastructure, mining and manufacturing conglomerate in Nigeria with diversified investments, has listed its food unit, BUA Foods Plc on the Nigerian Exchange Limited on Wednesday.
The Nigerian Exchange Limited listed the company by introduction on the Main Board of the Exchange.
BUA Foods Plc listed a total of 18 billion ordinary shares at N40.00 a unit under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS.
Following the listing of BUA Foods, the market capitalisation of the Nigerian Exchange Limited grew by N720 billion, further boosting the liquidity in the Nigerian capital market and providing opportunities for wealth creation.
According to the NGX, “it is expected that this listing will also increase the visibility of the food manufacturing, processing, and distribution company, BUA Foods, to investors on the African continent and across the globe.
“NGX facilitated over N7 Trillion worth of capital raises across several asset classes for both public and private corporations in 2021. As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.”
Since listing on the Exchange on Wednesday, the price of BUA Foods Plc has appreciated by 20 percent to N48.40 a unit with investors trading 11,289,437 shares valued at N544,692,788.80 on Thursday.
In 2020, BUA Group listed BUA Cement Plc on the Nigerian Stock Exchange, now Nigerian Exchange Limited, and in 2021, BUA consolidates its foods business into BUA Foods and subsequently listed it on the stock market on January 5, 2022.
Founded by Abdul Samad Rabiu in 1988, BUA Group is a leading conglomerate with diversified investments spanning key business sectors in Africa. BUA Cement Plc, the second-largest cement manufacturing company in West Africa, now produces 8,000,000 MTPA, Combined Cement Production Capacity. While BUA Sugar Refinery Limited combined sugar production capacity stood at 1,500,000 MTPA.
BUA Foods Plc comprises of:
