Alhaji Abdul Samad Rabiu CFR, Chairman of BUA Cement Plc has acquired an additional 45 million shares worth N3.8 billion in the company.
This is contained in a notice of share dealing by an insider to the Nigerian Exchange Limited which was seen by Nairametrics.
The acquisition of 45 million shares represents 0.13% of the company’s total outstanding shares of the company.
Increase in the number of shares
With the acquisition, Abdul Samad Rabiu has increased his number of direct shares from 19,044,995,225 units as of December 31, 2022, to 19,089,995,225 units or 56.37%.
He also owns indirect shares through BUA Industries Limited with a 39.75% stake. This brings his total stake to 96.12% which is valued at N3.22 trillion.
The notice signed by Company Secretary, Hauwa Satomi on July 25th 2023, indicated that the transaction was done on June 26th, 2023. The 45 million units of BUA Cement shares were bought at N85 per share.
What You Should Know
The Company’s 2023 Q1 earnings showed that BUA Cement Plc reported a pre-tax profit of N35.46 billion.
This represents a 16.79% decline from the N42 billion the company reported during the same period in 2022. The decline in pre-tax profits was due to the increased cost of sales from raw materials caused by rising inflation and the depreciation of the naira.
The revenue from bagged cement products increased marginally by 9.6% to N106.35 billion from N97 billion achieved by the company in the corresponding period last year.