Company News

BUA Group Lists BUA Foods Plc on Nigerian Exchange Limited

Published

2 years ago

January 7, 2022

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:

BUA Infrastructure includes:

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Company News

Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper

Published

3 days ago

December 7, 2023

Investors King

Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.

This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.

Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.

The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.

FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.

The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.

He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.

Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.

In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.

The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.

Company News

SpaceX Explores $175 Billion Valuation in Insider Share Sale Talks

Published

3 days ago

December 7, 2023

Investors King

Elon Musk’s SpaceX is reportedly in discussions about initiating a tender offer that values the aerospace manufacturer and space transportation company at $175 billion or more.

According to insiders familiar with the matter, the most valuable US startup is contemplating a tender offer ranging between $500 million and $750 million.

Sources suggest that SpaceX is evaluating the possibility of offering shares at approximately $95 per share, with the terms and size of the tender offer subject to change based on the level of interest from potential insider sellers and buyers.

If the $175 billion valuation is realized, it would mark a notable increase from the $150 billion valuation obtained through a tender offer earlier this summer.

This elevated valuation would position SpaceX among the world’s 75 largest companies by market capitalization, comparable to industry giants such as T-Mobile USA Inc., Nike Inc., and China Mobile.

SpaceX, known formally as Space Exploration Technologies Corp., dominates the commercial space launch services market with its Falcon rockets and operates the Starlink service, which provides internet from space via a growing constellation of satellites in low-Earth orbit.

With anticipated revenues of about $9 billion in 2023, projected to rise to approximately $15 billion in 2024, SpaceX’s strategic moves, including a potential initial public offering for Starlink, underscore the company’s ambitious plans and strong market position.

Representatives for SpaceX have not yet responded to requests for comment on these recent developments.

Merger and Acquisition

Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria

Published

5 days ago

December 5, 2023

Investors King

Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.

The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.

Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.

While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”

For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.

Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.

A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.

This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.

Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.

Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.

The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.

This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.