Chairman of BUA Group, Abdul Samad Rabiu, has acquired an additional 45 million shares of BUA Cement estimated at N3.8 billion.
This new acquisition was disclosed in a report Investors King obtained from the Nigerian Exchange Limited.
The recent purchase increased Rabiu’s direct shareholding from 19,044,995,225 units at the end of 2022 to an impressive 19,089,995,225 units.
It’s essential to note that Rabiu’s stake in BUA Cement goes beyond direct shares as he also owns 39% through BUA Industries Limited. This brings his total ownership to 96.12% at an estimated market value of N3.22 trillion.
On June 26, 2023, the Group Chairman purchase the 45 units of shares at N85 a unit in line with the company’s buyback previously announced.
BUA Cement reported a pre-tax profit of N35.45 billion in the first quarter of the year, a 16.79% decline from the N42 billion earned in the corresponding period in 2022.
However, revenue from cement products witnessed a slight increase of 9.6% to N106.35 billion, up from N97 billion achieved in the same period last year.
Rabiu, currently ranked as the 5th richest person in Africa and 350th in the world, has undoubtedly cemented his position as a prominent business leader.
With his recent share acquisition in BUA Cement, Rabiu demonstrates unwavering confidence in the company’s future growth and reaffirms his significance in Nigeria’s cement manufacturing industry.