Abdulsamad Rabiu, founder BUA group has revealed plans by his group to list the cement segment of the company on the Nigerian Stock Exchange as soon as the listing requirements are met.
This according to Rabiu will give others to participate in the business as this will enable him to unlock some of the capital already invested in the cement company and focus on other things.
In his words:
“We are definitely going to list the cement business because I think we should also give others the opportunity to participate in the business. If you have such a big business and it is doing very well, you should give others the opportunity to be part of it. That way, you can unlock some of the capital you have invested in the business and do other things.”
BUA cement is a member of the BUA Group founded by Abdulsamad Rabiu. The company has stakes in Cement Company of Northern Nigeria (CCNN), Obu and Edo Cement companies .
BUA currently owns a 50.72% stake in Cement Company of Northern Nigeria Plc (also known as Sokoto Cement). CCNN was incorporated as a limited liability company on the 15th August 1962 and commenced business operation in 1967. The Company was listed on the Nigerian Stock Exchange on the 4th October 1993. The BUA group took a majority stake in the firm in 2010.
Edo Cement Company was incorporated in 1964 by the State Government and indigenous investors with production capacity of 400,000 MT. Operationswere however halted in 1997. BUA Group acquires majority shareholding in 2008 after it was sold under the Federal Government’s Privatisation policy. A greenfield plant was also constructed in 2015.