The Nigerian Stock Exchange (NSE) listed the 33.864 billion ordinary shares of 50 kobo each BUA Cement Plc at N35 per share, thus becoming the third largest company on the NSE. The debut listing of the cement company shares on Thursday has added N1.18 trillion to the capitalisation of the exchange. According to Binji, the listing of BUA followed the merger of Cement Company of Northern Nigeria (CCNN)Plc and Obu Cement Company Limited. He explained that while CCNN was the listed company before now, its merger with Obu Cement, both of members of the BUA Group, gave birth to BUA Cement Plc, an enlarged firm, with a total installed capacity of 8.0 metric tonnes per annum(mtpa). “The merger of the two companies to become BUA Cement would provide opportunities for significant cost savings and improved operational efficiencies by streamlining operations and optimising the use of combined resources.

Source: Nigerian Tribune January 09, 2020 16:30 UTC