By Dipo Olowookere
The N115 billion 7-year series I fixed rate senior unsecured bond of BUA Cement Plc has been listed on the trading platform of the Nigerian Exchange (NGX) Limited.
The paper was admitted on the exchange on Tuesday, April 13, 2021, and to commemorate it, the CEO of BUA Cement, Mr Yusuf Haliru Binji, was honoured with the digital closing gong ceremony.
Mr Binji thanked the management of NGX Limited for the invitation to bring trading activities to a close, describing it as “another key milestone on our journey to becoming the preferred cement manufacturer in Africa.”
He explained that the cement maker accessed the debt capital market to source for N100 billion “as part of our growth strategy.”
The BUA Cement chief said the decision to raise more than N100 billion in the first tranche of the firm’s N200 billion programme was due to the “overwhelming response and in accordance with the Securities and Exchange Commission’s guidelines.”
“For us, this was a clear assessment of our viable business model, strong financial performance, and the strength of our product offerings,” Mr Binji stated.
Speaking on behalf of the parties to the transaction, the CEO of Stanbic IBTC Capital, Mr Funso Akere, expressed the delight of the organisation at being the adviser to BUA Cement Plc on the transaction “where they took advantage of very supportive conditions in the debt capital market to raise long term funding.”
“On behalf of Stanbic IBTC Capital Limited, Tiddo Securities and Union Capital, we would like to thank BUA Cement for giving us a freehand to guide them and the commitment showed to make the transaction a phenomenal success. We would also like to thank NGX for giving us a platform to list the bonds,” Mr Akere said.
On his part, the Divisional Head of Listings Business at NGX Limited, Mr Olumide Bolumole, stated that the exchange was “excited about BUA Cement’s debut bond offering which was oversubscribed by 37 per cent to the tune of N137.82 billion and represents the largest amount raised by a corporate issuer in the history of Nigeria’s debt capital market.”
“Without a doubt, this is a testament to the high level of confidence placed on this reputable brand by its investors and the entire market,” he said.
Mr Bolumole added that, “In line with its commitment to support Nigeria’s economic growth by providing a liquid, efficient, and multi-asset securities exchange hub, NGX Limited continues to provide a platform that offers investors varied options including equity, fixed income, Exchanged Traded Products (ETPs) and other funds.”
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