BUA Cement has said it is in discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria.
The cement company revealed this in a disclosure signed by Hauwa Garba Satomi, the Deputy Company Secretary.
The company believes that the new facility will help to increase its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA.
What they are saying
It company stated, “In furtherance of our disclosure obligations pursuant to Chapter 17 of the Rulebook, BUA CEMENT PLC (BUA CEMENT or the COMPANY) hereby notifies Nigerian Exchange Limited (NGX), its esteemed Shareholders and the investing public that the Company has gone into a discussion with the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion of BUA Cement’s integrated cement plant in Kalambaina, Sokoto State, Nigeria. It shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA, and the development of other ancillary utilities (the Expansion Project).”
What you should know
- BUA Cement reported a profit of N33.14 billion during the period, representing a 48.18% increase year-on-year.
- From the company’s result, the revenue from the sale of cement during the period increased by over 58%, as cost of materials appreciated by 66% from N9.14 billion in Q1 2021, to N15.18 billion in Q1 2022.
BUA group has a good portfolio and I hope the expansion will bring development to Sokoto as it regards economic advancement.