The Nigerian Stock Exchange (NSE) yesterday listed the 33.864 billion ordinary shares of 50 kobo each BUA Cement Plc at N35 per share, thereby adding N1.18 trillion to the capitalization of the exchange. With the listing, the company has now become the third largest company on the NSE after Dangote Cement and MTN.
Speaking on the listing, the Chief Executive Officer of NSE, Mr. Oscar Onyema said it is exciting for the exchange to record such a major listing at the beginning of the year, noting that it is another opportunity for investors to have access to a company with good track record.
According to him, the company has plans to move to the Premium Board of the NSE in very short period of time. The Managing Director/CEO of BUA Cement Plc, Yusuf Binji said it was a major fulfillment for the group to have its shares listed after a merger of two companies that control significant markets in Southern and Northern parts of the country.
According to Binji, the listing of BUA followed the merger of Cement Company of Northern Nigeria (CCNN) Plc and Obu Cement Company Limited. He explained that while CCNN was the listed company before now, its merger with Obu Cement, both members of the BUA Group, gave birth to BUA Cement Plc , an enlarged firm, with a total installed capacity of 8.0 metric tonnes per annum(mtpa).
He said with the listing, the shareholders should expect better returns because the company will be one of the top best dividend paying companies, adding that its installed capacity would be increased to 11 million tonnes per annum (mtpa). Binji said in addition to meeting the demand from customers in core regions in the country, the enlarged company would be positioned to distribute its products in new geographical markets, creating the potential for additional shareholder value creation.
