Africa’s sixth richest man, BUA Group Founder Abdul Samad Rabiu, has sold $4.69 million (N1.93 billion) worth of shares in his flagship company, BUA Cement Plc.
A Notification of Share Dealing by Insiders published on the Nigerian Stock Exchange (NGX) revealed that he sold 27,130,000 shares in BUA Cement held indirectly through BUA International between May 10 and 17 at an average price of $0.173 (N71.00) per share.
This put the market value of the shares sold by the cement tycoon at $4.69 million (N1.93 billion).
Before the transaction, Rabiu held a majority stake of 92.27 percent of the total issued shares of the cement manufacturing company, or 31,247,212,581 ordinary shares.
Meanwhile, his indirect stake held through BUA International Limited amounted to 74,218,444, or 0.22 percent of the company’s total equity.
With the recent sale of the company’s shares, the billionaire’s total stake in BUA Cement amounts to 92.19 percent, or 31,220,082,581 ordinary shares.
His indirect stake in BUA Cement held through BUA International now amounts to 47,088,444, or 0.14 percent of the company’s total equity.
As of press time today, 8:30 am (UTC+1), June 29, the market value of Rabiu’s 92.19-percent stake in BUA Cement was $5.43 billion (N2.23 trillion).
Rabiu, who has a net worth of $4.7 billion according to Forbes’s real-time net-worth valuation, is Africa’s sixth richest billionaire and Nigeria’s third-richest man.
The leading industrialist and philanthropist, who is also the founder and executive chairman of BUA Group, derives the majority of his fortune from his 92.19-percent stake in his flagship company, BUA Cement.