BUA Foods adds N720bn to market capitalization, lists 18bn shares

BUA Foods on Wednesday joined the league of listed companies on the Nigerian Exchange Ltd (NGX) with the listing of 18 billion ordinary shares at N40 per share.

The company listed by its introduction under the Consumer Goods sector of the NGX.

Accordingly, the listing of BUA Foods’ shares added N720 billion to the market capitalisation of the NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

It is expected that this listing would also increase the visibility of the food manufacturing, processing, and distribution company, BUA Foods, to investors on the African continent and across the globe.

Commenting on the listing, Abdul Samad Rabiu, Chairman of BUA Group said “I am delighted 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.

“We appreciate the continued support of our stakeholders – financial advisers, stock brokers, 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,” Rabiu said.

Also speaking, Mr. Ayodele Abioye, the acting Managing Director, BUA Foods, said that the listing marks a new beginning for the company.

“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.

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“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,” Abioye said.

He said that the company for over three decades had maintained an unbroken streak of year-on-year growth, establishing ultra-modern production facility across multiple locations.

“BUA Foods remains a consistent leading player in the Food and FMCG industry with strong reputation for exceeding customers and consumers expectations with high-quality products.

“BUA Foods also continues to invest in modern technology for efficient food production, innovating and expanding with strategic partners across the value chain.

“The company is also well-positioned to leverage significant export potential across West Africa and the larger African continent,” Abioye said.

TheStar