BUA Cement to Obtain Loan from International Finance Corporation (IFC) For Expansion

BUA Cement Plc, one of Nigeria’s leading cement manufacturing companies, announced it is discussing with the International Finance Corporation (IFC) for a loan to expand its operations.

The company stated in a press release signed by Hauwa Garba Satomi, Deputy Company Secretary and obtained by Investors King.

The fund will be used to expand Kalambaina, Sokoto State’s production capacity from 2 million tons per annum (MTPA) to 8 MTPA and other projects.

The press release reads “In furtherance of our disclosure obligations pursuant to Chapter 17 of the Rulebook, BUA CEMENT PLC (BUA CEMENT or the COMPANY) hereby notifies Nigerian Exchange Limited (NGX), its esteemed Shareholders and the investing public that the Company has gone into discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria which shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project).

“Please be assured that the Company shall notify NGX and the investing public on any further developments.”