TheCable

BUA Group says its food business has been listed on the main board of the Nigerian Exchange Limited (NGX) with the ticker “BUAFoods”.

The company announced in a statement on Wednesday.

BUA Foods, a subsidiary of BUA Group, was listed by introduction on the local stock exchange after obtaining relevant regulatory approvals.

The listing by introduction means that the shares of existing BUA Foods’ shareholders have been listed without an additional public sale of shares.

In December 2021, BUA Group integrated its sugar, flour, pasta, rice and edible oil businesses into a single entity called BUA Foods.

“A total of 18,000,000,000,000 (eighteen billion) shares were admitted to trading, representing the total issued share capital of the company,” the statement reads.

Abdul Samad Rabiu, chairman of BUA Group, said he is delighted with the development as the company intends to support the fight against food insecurity.

“I am delighted that yet another member of BUA Group has been listed on the NGX,” he said.

“This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.

“We appreciate the continued support of our stakeholders — financial advisers, stockbrokers, suppliers, customers, consumers and members of staff.

“In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”

Ayodele Abioye, acting managing director, BUA Foods, the listing marks a new beginning for the company.

“The listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that’s highly committed to nourishing lives with all our product offerings,” he said.

“The listing resonates with our commitment to sustainable growth as we nourish and enrich the lives of consumers by delivering high-quality products at competitive prices.

“This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead.”