BUA Foods lists 18 billion shares, now Nigeria’s second biggest consumer goods’ firm by market value

BUA Foods lists 18 billion shares, now Nigeria’s second biggest consumer goods’ firm by market value

BUA Foods Plc attained quoted company status after it listed 18 billion ordinary shares in Lagos on Thursday, the firm said, the high point of weeks of transformation and meeting authorities’ as well as regulators’ demands.

The milestone implies the food processing firm has gained entry into the Nigerian Exchange Limited (NGX)’s main board (the bourse’s second highest listing segment), and at the same time become its biggest consumer goods company by market capitalisation after Nestle Nigeria in a sector that comprises other powerhouses like Nigerian Breweries and Flour Mills of Nigeria.

BUA Foods was listed at N40 per unit but appreciated by 10 per cent on the day of its admission, the maximum upper price movement the NGX allows, putting its valuation at N792 billion.

In December, BUA Group – the parent company – spun off its five food businesses and went ahead to combine them into a single company ahead of listing them as a separate entity.

READ ALSO:  'Yahoo boy' on the run over suspected ritual killing of girlfriend

The cement arm, BUA Cement, earlier debuted on the NGX about this time in 2020 and is now worth roughly N2.4 trillion, more than double its value when it listed.

“The listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that’s highly committed to nourishing lives with all our product offerings,” said Ayodele Abioye, the acting managing director of BUA Foods.

READ ALSO: Dangote Cement to resume purchase of own shares

“The listing resonates with our commitment to sustainable growth as we nourish and enrich the lives of consumers by delivering high quality products at competitive prices.”

Abdulsamad Rabiu, chairman BUA Group

Majority-owned by Africa’s sixth richest man, Abdul Samad Rabiu, with a current net worth of $4.6 billion according to Forbes’s estimate, BUA Foods’ offerings encompass manufacturing flour, pasta, rice, sugar and edible oils.

It is looking to start off the production of 200,000 tons of white fortified premium quality this year and complete an expansion project in flour milling and pasta in Port Harcourt come June.

READ ALSO:  Install safety valves to reduce explosions, FRSC urges tanker owners – NEWS AGENCY OF NIGERIA

Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401…

PT Mag Campaign AD

News Source

Tech Solutions with THE DGIT:

Build Your Websites and Mobile Apps

%d bloggers like this: