Post Views: 218 Abdul Samad Rabiu, Chairman, Cement Company of Northern Nigeria (CCNN) and founder/Chief Executive of BUA Group, on Wednesday, , Janua...
Abdul Samad Rabiu, Chairman, Cement Company of Northern Nigeria (CCNN) and founder/Chief Executive of BUA Group, on Wednesday, , January 09, 2019, was at the Nigerian Stock Exchange (NSE) to sound the closing gong.
The exercise, which closed the day’s trading session, also commemorated the successful completion of the merger between CCNN and Kalambaina Cement, another member of the BUA Group and the subsequent listing of the new shares arising from exercise, making it one of the Exchange’s 12 most capitalized companies.
The closing gong ceremony at the NSE is a unique platform that aligns with the global tradition where stock exchanges invite business leaders of quoted companies and select individuals who have contributed significantly to the development of their economy.
In a brief address to the capital market community during the ceremony, Rabiu appreciated their support and efforts at deepening the nation’s capital market, assuring that the merger will serve to further boost efficiency, productivity and output, while ensuring better returns to shareholders.
He drew attention to opportunities within CCNN’s key markets, as well as its export potential, which he said “are almost endless,” especially given the location of the company “just about 100km from Niger Republic and (its being) the nearest cement plant to key markets in Northern Nigeria.”
The enlarged CCNN, Rabiu continued, “is now poised to compete effectively and serve those markets better at a lower cost with more energy efficiency through our use of coal. We expect to remain the Number one player in that regional market for the considerable future whilst building capacity for future demand.”
It would be recalled that following the listing of additional shares in favour of CCNN, its market value soared to N254.98bn at the close of trading on December 31, 2018, which catapulted it to the 12th position on the list of most capitalized stock.
CCNN had listed 11.887bn ordinary shares of 50 kobo each on the Daily Official List of the Exchange, raising the cement company’s total issued and fully paid up shares from 1.257 billion ordinary shares of 50 kobo each to 13.143 billion ordinary shares of 50 kobo each.
BUA Group’s current cement assets in Sokoto State includes the 2m Metric Tonnes Per Annum CCNN plants, which is widely acclaimed for its high capacity utilization, efficiency and quality of its products.
Photo caption: Abdul Samad Rabiu, Chairman, Cement Company of Northern Nigeria and BUA Group (3rd right) ringing the closing gong of the Nigeria Stock Exchange (NSE) on Wednesday, January 9, 2019 to mark the end of trading and commemorate the successful completion of the CCNN/Kalambaina Cement Merger and listing on the exchange. With him are: Oscar Onyema, Chief Executive of the NSE (centre); some directors of CCNN, Finn Arnoldsen (first left), Chimaobi Madukwe (second left), Kabiru Rabiu (second right), Ahmed Aliyu (right), as well as Bola Adeeko (left), Head, Shared Services Division at the NSE.