BUA Foods Plc has listed ordinary shares valued at N720 billion on the main board of the Nigerian Exchange (NGX) Limited.
The company listed by introduction yesterday, 18 billion ordinary shares at N40.00 per share under the Consumer Goods sector of NGX.
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.
NGX stated that, “the listing of BUA Foods’ shares has added N720 billion to the market capitalisation, 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.”
According to Exchange, NGX facilitated over N7 trillion worth of capital raised 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.
Speaking, chairman of BUA Group, Abdul Rabiu said: “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.
“We appreciate the continued support of our stakeholders; financial advisers, stockbrokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”
The acting managing director, BUA Foods, Engr. Ayodele Abioye, also stated that, “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.”