BUA Group has disclosed that the listing of shares of its food products arm on the Nigerian Exchange Limited (NGX) would soon commence, Daily Trust reports.
The Chairman of BUA Group, Alhaji AbdulSamad Rabiu said the planned listing of BUA food businesses was awaiting regulatory approvals and would further provide for a more robust capital market as the company joins the FMCG sector of the NGX.
“Earlier in the year, just as I promised the management of the Nigerian Exchange Limited when we were seeking to list a few of our businesses; we have commenced the process of bringing our Food businesses to the stock exchange. I can confidently announce that this process is almost completed and will provide for a more robust capital market upon listing.
“There is a school of thought that argues rightly or wrongly that the Nigeria capital market system is not deep enough both in terms of the value and breadth of its offerings. Whatever the case may be, we must acknowledge the current efforts of the NGX to deepen the system and keep market participants abreast of new offerings, but they need to do more,” Rabiu said.
He added that the company has been actively involved in the capital market over the past three years with some of the largest successful Mergers & Acquisition (M&A), debt and equity transactions in Nigeria even during the pandemic.
He stated that when the Group listed its cement business (BUA Cement), it surpassed the N1.2 trn valuation it envisaged as it is the fourth largest capitalized company on the NGX with total market capitalization of about N2.5 trillion.
