Nigeria’s BUA Cement has been formally listed on the country’s stock exchange with a market capitalisation of over NGN1.2trn (US$3.32bn). The listing brings a conclusion to the merger process between the BUA-owned entities, Cement Company of Northern Nigeria (CCNN) and Obu Cement Co.
The listing has seen BUA Cement become the third-most capitalised stock on the Nigerian Stock Exchange. "We are coming into the market at the beginning of the year and since trading has commenced, we expect to see a lot of value added for the shareholders during the course of the year," said Yusuf Binji, managing director and CEO, BUA Cement.
Mr Binji noted that the merged company brings 13bn shares from the now-defunct CCNN and 20bn shares from Obu Cement, giving a total share capacity of around 33bn shares.
