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BUA Cement lists 33.86bn shares on NSE, emerges third largest listed company

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BUA Cement Plc achieved a feat on the Nigerian Stock Exchange (NSE) with the listing 33.86 billion ordinary shares at N35 per share, emerging as the third largest company on the bourse.

The News Agency of Nigeria reports that the listing of the company’s shares on Thursday added N1.18 trillion to the NSE market capitalisation.

He explained that the company had plans to move to the Premium Board of the NSE in a very short period of time. “We are bringing in about 13 billion shares from the defunct CCNN and 20 billion from Obu Cement and this gives us a total share capacity of about 33 billion shares with a total market capitalisation of N1.8 trillion.

He said the company decided to merge to create a single entity that would leverage on all the synergies.“The essence of the merger is to be able to tap into the potentials and unlock the opportunities that are within the two companies in terms of market size, dealership base, profitability and staff skills.He said with the listing, shareholders should expect better returns because the company would be one of the top best dividend paying companies in Nigeria.

 

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