BUA targets food sufficiency with its listing on NGX

BUA Foods Plc believed that with the listing of its shares on the Nigerian Exchange Limited (NGX), the country would attain food sufficiently through its capital building project.

At the Facts Behind the Listing and Closing Gong Ceremony of the company in Lagos, the Chairman, Abdul Samad Rabiu, represented by Group Executive Director, Alhaji Kabiru Rabiu, expressed optimism about the country’s resolve to achieve self-sufficiency in food production, while noting that now being enabled by the NGX, the company would continue on its expansion plans in the area of food production.

According to him, the company is currently positioning its brand to take advantage of export opportunities through strategically located plants to generate foreign exchange for the company and economy.

“Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200million and our food production capacity is still not enough to meet current demands.

“As a listed company, BUA Group has benefitted first-hand from NGX’s efforts to chart a path for the sustainable development of the Nigerian economy.

“It has, therefore, been exciting for BUA Foods to go through a similar journey and we are confident that by leveraging the collaborative approach prevalent in the market, the entire group of companies will be equipped to increasingly deliver value to its shareholders.

“We certainly look forward to benefitting from the new opportunities that have opened up to us on the platform of The Exchange,” he said.

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

Chief Executive Officer of NGX, Temi Popoola, commended the company for taking the bold step to join its subsidiary company, BUA Cement, as a listed company. He said the listing of BUA Foods Plc on the exchange reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabling sustainable growth and development.

“I must commend the efforts made by the Management of BUA Foods towards this listing and the roles played by all the professional parties to this transaction including; Stanbic IBTC Capital Limited, Rand Merchant Bank Nigeria Limited, UCML Capital Limited, APT Securities Limited and CardinalStone Securities Limited.”

Popoola said the milestone transaction is in line with the NGX strategic objectives to improve listings and enhance investors’ participation in the market.

In addition, he said NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.

He urged capital market players to pay closer attention to the plethora of opportunities available in the market to list securities and engage in other investments activities.

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BUA foods target food sufficiency in the country with its listing on NGX