NGX Lists 18bn Shares Of BUA Foods, Capitalisation Up By N720bn

Nigerian Exchange Limited, on Wednesday, January 5, 2022, announced the listing of 18 billion ordinary shares of BUA Foods Plc by introduction on its Main Board, at N40.00 per share under the Consumer Goods sector.

The listing, according to a statement added N720bn to the market capitalization of NGX, in addition to further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

It is expected that the 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. 

According to a statement by BUA Group, the newly listed shares represents the total issued share capital of BUA Foods, explaining that “the listing by introduction means that the shares of existing BUA Foods’ shareholders have been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange.”

Commenting on the listing, Abdul Samad Rabiu, Chairman of BUA Group expressed delight “that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”

He expressed appreciation for “the continued support of our stakeholders – financial advisers, stockbrokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

The statement also quoted the Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, as saying that “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. 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. This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead.”

The statement added that BUA Foods has for over three decades, maintained an unbroken streak of year-on-year growth, establishing ultra-modern production facilities across multiple locations. BUA Foods remains a consistent leading player in the Food and FMCG industry with a strong reputation for exceeding customers’ and consumers’ expectations with high-quality products.

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