Abdulsamad Rabiu, the founder of BUA Group, Nigeria’s leading manufacturing conglomerate with a key focus on cement manufacturing, sugar refining, and real estate, has seen his stakes in BUA Cement Plc increase by N1.2 trillion since January 2020.
The billionaire with a total wealth value of $5.5 billion – making him the sixth richest man in Africa in 2021, according to Forbes – listed his cement conglomerate business (BUA Cement Plc) on the Nigerian Stock Exchange on January 9, 2020.
This move saw his cement company clinch the position of the third-largest company on NSE, with the company adding a total of N1.25 trillion to NSE’s market capitalization.
Rabiu is the single majority shareholder of BUA Cement, considering his direct and indirect stakes in the company, which amount to a total of 31.27 billion ordinary shares of the cement manufacturer. His stakes represent a total of 92.3% issued share of the company.
BUA Cement’s market value since its listing on the Exchange in January 2020 has soared by N1.3 trillion, with the shares of the cement maker increasing from N36.78 per share to N74.75 per share.
The market value of Abdulsamad’s stakes in BUA Cement has also increased from N1.15 trillion at the close of trade the day BUA became a listed company on NSE, to N2.34 trillion at the close of trading activities on Friday, 14th of March 2021.
This puts the gains from his holdings in BUA Cement at N1.19 trillion.
Facts about Rabiu
Abdul Samad Rabiu set up his own business, BUA International Limited in 1988 for the sole purpose of commodity trading, with a key focus on rice, edible oil, flour, and iron and steel.
He has been an active business leader since age 24, when his father, Alhaji Isiaku Rabiu, was detained by the administration of General Muhammadu Buhari for allegedly not paying rice import duties.
Abdul Samad was worth $1.2 billion in 2014, however, his worth in recent time has soared past the $5 billion mark, thus setting him on the list of Africa’s Richest People, and one of the most influential industrialists in the continent.
What you should know
- BUA Cement -previously OBU Cement – is the fastest-growing cement manufacturer in Nigeria. The company was born out of the merger between the Cement Company of Northern Nigeria (CCNN) and OBU Cement – entities majorly owned by Alhaji Abdulsamad Rabiu and Alhaji Isiaka Rabiu respectively.
- It is the second-largest cement manufacturer in the company with a total installed capacity of 8 million MTPA. However, with the addition of a new cement line this year, BUA Cement’s total installed capacity is expected to expand from 8 million MTPA to 11 million MTPA.
- In line with BUA’s strategic midterm expansion programme, the company is expected to consolidate on its position as one of Nigeria’s most profitable companies, with the addition of 3 new lines of 9 million metric tonnes total capacity in Adamawa, Edo, and Sokoto States by 2023.
- This move is expected to expand the cement tiger’s total installed capacity to 20million metric tonnes per annum by 2023, in an effort t0 position BUA Cement for better competitiveness within its home market and also enable it to utilize modern plant and equipment to expand dominance in the market and unlock Pan-African opportunities in the Continent.
TikTok’s parent company, Bytedance now more valuable than Coca Cola and Exxon Mobil
A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
TikTok’s parent company, ByteDance which was founded in 2012 is now more valuable than the world’s biggest soda brand Coca Cola and energy giants, Exxon Mobil.
ByteDance was founded by Zhang Yiming in 2012 and he went on to launch TikTok, a video sharing application in 2016. Tiktok immediately became a hit on the internet. In less than two years of its launch, it became the most downloaded app in the world according to Forbes.
With over 500m active monthly users, TikTok quickly gained the attention of big venture capitalist firms who invested more in it.
ByteDance was founded in 2012 and is currently more valuable than a company founded in 1892 (Coca Cola) and (1999) Exxon Mobil.
Difference in valuation
According to Bloomberg, ByteDance is currently trading at a valuation of more than $250 billion in the secondary market. The number is set to go up with some investors pegging the valuation at $350 billion.
What you should know
- The above story paints a clear picture of the power of the internet age. A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
- According to Investopedia a valuation is the analytical process of determining the current (or projected) worth of an asset or a company. An analyst placing a value on a company looks at the business’ management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets.
Squarespace founder is the latest billionaire, set to make $3bn from listing his company
The latest valuation of Squarespace sets Casalena up for a fresh $3billion, making him the latest billionaire in the market.
What is Squarespace?
Squarespace is a platform that helps small businesses and individuals build customized websites and online stores for e-commerce. It is also a hosting company which is based in New York City, United States. It provides software as a service for website building and hosting, and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages.
Who founded Squarespace?
Squarespace was founded by 38-year-old Anthony Casalena seventeen years ago. The platform was founded in his dorm room at the University of Maryland. For many years, he was the only one running the platform. He launched the platform with a $30,000 seed fund and grants from his university and the platform reached a $1m valuation in 2006.
Squarespace latest valuation and growth
Last month, Squarespace raised a whopping $300m from investors who valued the company at $10bn. The successful outing prompted the decision by the Founder to go public.
The company has grown tremendously since its inception in 2003. The number of subscribers increased nearly 23% in 2020, to 3.7 million users. The company also made a revenue of $620 million which was a 28% increase from the previous year according to Forbes.
Squarespace employees have grown from just the Founder to 1200 employees across the United States and Ireland.
Anthony Casalena’s new net worth
Following the latest valuation of his company at $10bn, Anthony Casalena is set to become a billionaire. According to Forbes Squarespace’s SEC filings revealed that he has a 33% stake in the company.
The latest valuation of his company sets him up for a fresh $3bn making him the latest billionaire in the market.
What you should know
Squarespace is listing its company in the market using direct listing. A direct listing is a process by which a company can go public by selling existing shares instead of offering new ones.
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