By Edozie Obasi-Eze
In keeping with its practice of intimating stakeholders with details of notable transactions such as these, Nigerian Exchange Limited (NGX)hosted the management of BUA Foods Plc to a virtual Facts Behind the Listing and Closing Gong Ceremony on Tuesday.
Chief Executive Officer, NGX, Temi Popoola, commended BUA Foods on the bold step to join its subsidiary company, BUA Cement, as a publicity listed company on The Exchange.
In his words, “The listing of BUA Foods Plc on The Exchange reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabling sustainable growth and development.
“I must commend the efforts made by the Management of BUA Foods towards this listing and the roles played by all the professional parties to this transaction including; Stanbic IBTC Capital Limited, Rand Merchant Bank Nigeria Limited, UCML Capital Limited, APT Securities Limited and CardinalStone Securities Limited.
“At NGX, this milestone transaction is in line with our strategic objectives to improve listings and enhance investors’ participation in our market.”
He pointed out that the NGX was well positioned to serve the domestic and global markets. “As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.
I must, therefore, encourage capital market players and enthusiasts at home and abroad to pay closer attention to the plethora of opportunities available in our market both to list securities and make the most of their investments,” Popoola added.
In the same vein, Chairman, BUA Group Plc, Abdul Samad Rabiu, represented by Group Executive Director, BUA Foods Plc, Kabiru Rabiu stated, “Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200 million and our food production capacity is still not enough to meet current demands.
“However, with the listing of our food business on the NGX, there is high hope for Nigeria in terms of building capacity for food sufficiency.”
Rabiu highlighted that his company was poised to explore the global market. “We are, therefore, positioning our brand to take advantage of export opportunities through our strategically located plants from which foreign exchange can be generated both for the company and economy.”
On other advantages of the listing, he noted that “As a listed company, BUA Group has benefitted first-hand from NGX’s efforts to chart a path for the sustainable development of the Nigerian economy.”
It was gathered that the listing of BUA Foods’ shares added N720Bn to the market capitalization of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
Admission of BUA Foods’ shares on the Main Board of The Exchange was on Wednesday, 5 January 2022.
