BUA Foods Plc, the newly listed arm of the BUA Group, reached a market capitalization of 1,053 billion naira on Monday just four days after its listing on the Nigerian Exchange Limited (NGX).
BUA Foods listed 18 billion ordinary shares at N 40 per unit on the main board of NGX on Wednesday 5, 2022. At N 40 per share, the market capitalization of BUA Foods was N 720 billion. However, due to its Attracting local and foreign investors, the share rose more than 20% in the first two trading days to reach N48.4 per unit.
Demand for BUA Foods continues as investors recovered 204,599,864.00 on Friday, raising the price to N53.2 per unit. On Monday, a further 101,356,308 shares were traded at 58.5 N to increase market capitalization to N 1.053 trillion from N 720 billion just four trading days ago.
The company has now added 1.05 trillion naira to NGX’s cash in line with the exchange’s projection. “This list is also expected to increase the visibility of the food manufacturing, processing and distribution company, BUA Foods, to investors on the African continent and around the world.” NGX said.
BUA Foods Plc currently focuses on growing, processing, manufacturing, producing, blending, packaging, preserving, extracting, refining, importing, exporting, buying, selling , trade and commerce in all kinds of food, consumables, food materials or derivatives. as raw materials for the manufacture of all kinds of food, food products and ingredients for the manufacture of all kinds of food and consumables.
BUA Foods was formed in November 2021 as a result of a restructuring through a CAMA Section 711 program (the “Restructuring”) between BUA Sugar Refinery Limited (“BUA Sugar Refinery”), IRS Flour Mills Limited, IRS Pasta Limited, BUA Rice Limited, BUA Oil Mills Limited and BUA Foods Limited (the “Entities”), thereafter BUA Sugar Refinery (a limited liability company incorporated on April 13, 2005 and commenced operations in September 2008) became the surviving entity. As part of the Restructuring, the name of the enlarged entity was changed to BUA Foods with its operations reorganized into five business divisions: Sugar, Flour, Pasta, Rice and Edible Oils. In December 2021, the Company was transformed into a public limited company. BUA Foods is affiliated with various group companies under the BUA brand which cover the food and infrastructure sectors.