Finance

NGX Lists BUA Foods’ N720bn Shares On Its Main Board

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The Nigerian Exchange Limited (NGX) has announced the listing by the introduction of on the Main Board of the bourse, on Wednesday.

Being the first listing at the bourse in the year 2022, a total of 18 billion ordinary shares of BUA Foods were listed at N40.00 per share under the Consumer Goods sector of NGX, with the trading symbol, BUAFOODS.

The listing of BUA Foods’ shares has added N720 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

The local bourse expects the listing to increase the visibility of the food manufacturing, processing, and distribution company, BUA Foods, to investors on the African continent and across the globe.

In 2021, NGX facilitated over seven trillion naira worth of capital raises across several asset classes for both public and private corporations. As a multi-asset Exchange, NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.

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BUA Foods is the result of the merger of BUA Group’s food business, comprising pasta, edible oil, sugar, rice and flour.

It will be recalled that last month, in order to maintain its market leadership in the agribusiness and food processing sector, Chairman of BUA Group, Mr Abdul Samad Rabiu, in an interview announced the merger of the Group’s various food businesses into BUA Foods.

Meanwhile, at the end of trading activities at the local bourse on Wednesday, BUA Foods stocks appreciated by 10.00 per cent or N4.00 to settle at N44.00 per share.

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Alamu Tosin

The writer is Alamu Tosin. I have three strong passions in life — football, blogging and movies — in that order. I love spending time with friends talking about the important things in life and hate nothing more than ‘authority’ and hypocrisy. My personal believe in life is that once an individual sets his/her mind to achieve something, it is totally possible. And oh!, I am a strong Lannister, because I always pay my debt. For writing or fixing gigs, contact tosinalamu@gmail.com.

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