. Engages stakeholders on Exchange listing
BUA Foods Plc yesterday expressed optimism about the country’s ability to achieve self-sufficiency in food production and security with the listing of its food business on the Nigerian Exchange Limited (NGX).
In keeping with its practice of intimating stakeholders with details of notable transactions such as these, NGX hosted the Management of BUA Foods to a virtual Facts Behind the Listing and Closing Gong Ceremony.
Speaking at the event in Lagos, the Chairman, Abdul Samad Rabiu, also admitted that available food production capacity is still not enough to meet current demand.
Rabiu, represented by Group Executive Director, Kabiru Rabiu, argued that things are about to take a turn for the better with the listing of its food business.
This, he said, is because BUA is positioning its brand to take advantage of export opportunities through strategically located plants to generate foreign exchange and stem capital flight.
He said: “Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200million and our food production capacity is still not enough to meet current demands.
“However, with the listing of our food business on the NGX, there is high hope for Nigeria in terms of building capacity for food sufficiency. We are, therefore, positioning our brand to take advantage of export opportunities through our strategically located plants from which foreign exchange can be generated both for the company and economy.
“As a listed company, BUA Group has benefitted first-hand from NGX’s efforts to chart a path for the sustainable development of the Nigerian economy.
“It has, therefore, been exciting for BUA Foods to go through a similar journey and we are confident that by leveraging the collaborative approach prevalent in the market, the entire Group of companies will be equipped to increasingly deliver value to its shareholders.
“We certainly look forward to benefitting from the new opportunities that have opened up to as on the platform of The Exchange.”
Since its listing on the main board of the Exchange on January 5, BUA Foods’ shares have seen an uptick in price and market capitalisation, as this had added about N720 billion to the NGX capitalisation, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
We are, therefore, positioning our brand to take advantage of export opportunities through our strategically located plants from which foreign exchange can be generated both for the company and economy.
Confidence in Exchange
Chief Executive Officer of NGX, Temi Popoola, commended the company for taking the bold step to join its subsidiary company, BUA Cement, as a listed company.
He said the listing of BUA Foods Plc on the Exchange reaffirms the confidence that leading Nigerian corporates have in the NGX as the partner of choice for raising capital and enabling sustainable growth and development.
“I must commend the efforts made by the Management of BUA Foods towards this listing and the roles played by all the professional parties to this transaction including; Stanbic IBTC Capital Limited, Rand Merchant Bank Nigeria Limited, UCML Capital Limited, APT Securities Limited and CardinalStone Securities Limited.”
Popoola said the milestone transaction is in line with the NGX strategic objective to improve listing and enhance investors’ participation in the market.
He added that the NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.
He urged capital market players to pay closer attention to the plethora of opportunities available in the market to list securities and engage in other investments activities.