BUA Cement Plc has listed its shares on the Nigerian Stock Exchange (NSE) to become the third-largest quoted company in the country, adding N1.18 trillion shares to the bourse.
BUA Cement Plc is a product of a merger between the Cement Company of Northern Nigeria (CCNN) and OBU Cement, which were entities majorly owned by Alhaji Abdulsamad Rabiu and Alhaji Isiaka Rabiu.
Following the delisting of 13,143,500,966 ordinary shares of CCNN from the daily official list of the NSE, BUA now has 33,864,354,060 ordinary shares of 50 kobo each now listed on the exchange.
The merger went through after shareholders of both CCNN and OBU Cement in separate Court-Ordered Meetings approved the process and both companies agreed that CCNN shareholders will receive 1 share in Obu Cement (now BUA Cement Plc) for every 1 share held in CCNN.
Managing Director, BUA Cement Plc, Yusuf Binji, said the companies decided to merge to leverage on synergies and create greater values for shareholders and other stakeholders of both companies.
He added that the merger would bring about increased capacity to service new and existing markets, increased operational efficiencies, economies of scale, increased profitability and creation of a platform for further investment.
BUA Group started business in 1988 as a Private Limited Liability Company specializing in the importation and marketing of iron & steel, agricultural and industrial chemicals. Since then it has rapidly developed into a fully-fledged, diversified business with a stake in a wide range of business sectors.
The Group besides BUA Cement Plc have other subsidiaries such as BUA Sugar Refinery, BUA Estates, BUA Oil Mills and BUA Ports and Terminals