West Africa’s second largest Cement company, BUA Cement, today listed on the Nigerian Stock Exchange with a market capitalization of 1.2trillion Naira (USD3.3billion) bringing to conclusion, the merger between the BUA-owned cement entities, Cement Company of Northern Nigeria and Obu Cement company.
This listing brings BUA Cement’s total capacity across all its cement assets to 8million MTPA with an additional 3million metric tonnes plant coming on stream in H2, 2020.
Speaking at the closing gong ceremony to commemorate the listing, Engr. Yusuf Binji, Managing Director of the new entity said, “BUA Cement is poised to add even more value to the Nigerian economy as a whole through this listing. Over the past few years, we have significantly ramped up capacity and currently boast the most efficient and integrated operations in the Nigerian Cement Industry. This new publicly listed company will continue to deliver exceptional value to all stakeholders in the foreseeable future.”
According to the statement, BUA Cement further alluded that the proposed merger provides a compelling opportunity to capture significant synergies and create value for the benefit of the shareholders of both companies in the form of stronger competitive position of the enlarged company, economies of scale, enhanced operations and administrative efficiencies that will accrue.
The CEO of the Nigerian Stock Exchange, Oscar Onyema, applauded the Founder of BUA Group and Chairman of BUA Cement, Abdul Samad Rabiu, for bringing BUA’s expanded Cement Business to the Nigerian Stock Exchange describing it as a “show of confidence in the value the NSE offers”.
With this listing, BUA Cement becomes the third most capitalized stock on the Nigerian Stock Exchange and joins an exclusive trillion Naira club on the NSE.
