BUA Foods Plc achieved quoted company status on Thursday after listing 18 billion ordinary shares in Lagos, the company said, marking the culmination of weeks of transformation and meeting authorities’ and regulators’ demands.
The achievement means that the food processing firm has entered the Nigerian Exchange Limited (NGX) main board (the bourse’s second highest listing segment), becoming the country’s second largest consumer goods company by market capitalisation after Nestle Nigeria in a sector that includes other powerhouses such as Nigerian Breweries and Flour Mills of Nigeria.
BUA Foods was listed at N40 per unit but increased by 10% on the day of its admission, the maximum upper price movement allowed by the NGX, valuing it at N792 billion
BUA Group, the parent company, spun off its five food businesses in December, combining them into a single company before listing them as a separate entity.
BUA Cement, the cement division, debuted on the NGX around this time in 2020 and is now worth approximately N2.4 trillion, more than doubling its value when it listed.
“The listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that is highly committed to nourishing lives with all of our product offerings,” said Ayodele Abioye, BUA Foods’ acting managing director.