Home » Nigerian billionaire Abdul Samad Rabiu’s BUA Foods completes listing, market cap soars above $1.88 billion

Nigerian billionaire Abdul Samad Rabiu’s BUA Foods completes listing, market cap soars above $1.88 billion

by Omokolade Ajayi

BUA Foods, the consolidated food business unit of Nigeria-based manufacturing conglomerate, BUA Group, has successfully listed its shares on the Nigerian Exchange today, Jan. 5, at a price of N40 ($0.09675) per share.

BUA Foods is part of BUA Group, a well-diversified manufacturing conglomerate founded by Nigerian billionaire Industrialist Abdul Samad Rabiu in 1988.

Information gathered by Billionaires.Africa revealed that the newly formed entity, which includes the operations of BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta and BUA Rice Limited, has completed its listing after 18,000,000,000 ordinary shares in the company were admitted onto the Nigerian Exchange.

Data retrieved from the bourse revealed that more than 1 billion shares valued at N40.5 billion ($98 million) were exchanged by investors on the local bourse by midday.

At the time of the listing, BUA Foods’ shares began trading at N40 ($0.09675) per share, implying a market capitalization of N720 million ($1.74 billion) for the newly formed business.

As of press time, Jan. 5, shares in the company were trading at N43.4 ($0.1049), 8.5-percent higher than their listing price on the local bourse. The surge in the share price caused thee company’s market capitalization to soar above the $1.88-billion valuation mark.

The completion of BUA Foods’ listing on the Nigerian Exchange will provide retail investors with the opportunity to own shares in BUA Group’s food business subsidiary.

The recent listing comes nearly four weeks after the group confirmed the merging of its food businesses into a newly consolidated food company known as BUA Foods.

The merger will help the group maintain its market leadership in the agribusiness and food-processing sectors, as well as to maximize opportunities inherent in the African Continental Free Trade Area.

The listing of BUA Foods will place Rabiu on the path to become the second-richest man in Nigeria ahead of telecom mogul Mike Adenuga, as the businessman is expected to hold a majority stake in the food business.

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