By Dipo Olowookere
The Nigerian Exchange (NGX) Limited has welcomed a new member and is BUA Foods Plc, which listed its shares by introduction on Wednesday, January 5, 2022.
The company, which is owned by billionaire businessman, Mr Abdul Samad Rabiu, has a sister organisation also listed on the local stock exchange, BUA Cement Plc.
Business Post reports that the NGX admitted a total of 18 billion ordinary shares of BUA Foods on its trading platform at a unit price of N40 under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS.
“The NGX is pleased to announce the listing by introduction of BUA Foods Plc on the main board of the exchange on Wednesday, January 5, 2022.
“A total of 18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS,” a statement from the bourse stated.
It was learned that the listing of BUA Foods’ shares expanded the market capitalisation of the platform by N720.0 billion, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
“It is expected that this 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,” the statement added.
NGX facilitated over N7 trillion worth of capital raises across several asset classes for both public and private corporations in 2021. As a multi-asset exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.
Business Post reports that at the close of transactions today, BUA Foods stocks appreciated by 10.00 per cent or N4.00 to settle at N44.00 per unit.
Recall that last month, in order to maintain its market leadership in the agribusiness and food processing sector, BUA Group merged its various food businesses into BUA Foods.
According to Mr Rabiu, “The restructuring will enable us to be nimbler and more responsive to the food needs of the population as we continue to build a sustainable business.”
