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BUA Foods 18bn shares listing boosts NGX value by N720bn

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BUA Foods 18bn shares listing boosts NGX value by N720bn

BUA Foods Plc has announced it has completed all necessary requirements to trade its shares on the Main Board of the Nigerian Exchange Limited.

A total of 18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the consumer goods sector of the NGX, with the trading symbol ‘BUAFOODS’.

The company said in a statement that it had satisfied the listing requirements of the Exchange and obtained relevant regulatory approvals.

“The listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange,” the company said.

The NGX said the listing of BUA Foods’ shares had added N720bn to the market capitalisation of listed equities, 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,” it added.

Commenting on the listing, the Chairman, BUA Group, Abdul Samad Rabiu, expressed delight that another member of the group had been listed on the NGX.

Read also: NGX: Investors pocket N240bn in eight hours of trading

The acting Managing Director, BUA Foods, Ayodele Abioye, said, “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. 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.”

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

“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 potentials across West Africa and the larger African continent,” it added.

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