West Africa’s second-largest Cement company, BUA Cement, today listed on the Nigerian Stock Exchange with a market capitalization of 1.2trillion Naira (USD3.3billion) bringing to a conclusion, the merger between the BUA-owned cement entities, Cement Company of Northern Nigeria and Obu Cement company.
This listing brings BUA Cement’s total capacity across all its cement assets to 8million MTPA with an additional 3million metric tonnes plant coming on stream in H2, 2020.
BUA Cement, with its listing, has displaced Airtel Africa Plc by becoming the third-largest company on the NSE.
“Further to our Market Bulletin of 24 December 2019, with reference number: NSE/RD/LRD/MB74/19/12/24, wherein the market was notified of the suspension placed on the trading in the shares of CCNN following the Court’s Sanction of the Scheme of Merger (Scheme) between CCNN and OBUCement (now BUA Cement Plc), please be informed that the Scheme has been concluded.
Consequently, the entire 13,143,500,966 ordinary shares of CCNN was delisted from the Daily Official List of The Nigerian Stock Exchange (The Exchange) today, Thursday, 9 January 2020, while the entire 33,864,354,060ordinary shares of 50 kobo each of BUA Cement Plc (Formerly OBU Cement) were listed today, Thursday, 9 January 2020.
Please note that following The Exchange’s receipt of regulatory evidence of the change of name of OBUCement to BUA Cement Plc, the Company was listed as “BUA Cement Plc”. The trading Symbol is BUACEMENT.”
Dangote Cement Plc is the largest company listed on the NSE with a market capitalisation of N2.98tn and shares price of N175 as of Thursday while MTN Nigeria Communications Plc occupies the second position with a market capitalisation of N2.36tn and share price of N116.
Airtel Africa now becomes the fourth largest company on the NSE with a market capitalisation of N1.12tn and share price of N298.
After the listing of BUA Cement, the share price increased by 9.86 per cent to close at N38.45.
A total of 12.92 million BUA Cement shares worth N496.76m were traded in 39 deals.
The Chief Executive Officer, NSE, Mr Oscar Onyema, at the listing ceremony, said it was exciting for the Exchange to record such a major listing at the beginning of the year.
He noted that it was another opportunity for investors to have access to a company with a good track record.
According to him, the company has plans to move to the premium board of the NSE in a very short period of time.