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Chairman of Bua Cement, AbdulSamad Rabiu, has acquired further 45 million items of the shares of the group.
This was disclosed in a discover of insider buying and selling filed on the Nigerian Change Restricted on Wednesday.
In line with the discover, Rabiu purchased 45 million shares on the charge of ₦ 85 per share. The deal is value N3.825bn.
Rabiu is the last word majority shareholder of the organisation.
In line with the 2022 audited report of the corporate, Rabiu was the bulk shareholder of the corporate holding 19,044,995,225 billion shares, which was a 56.24 per cent stake of the issued share capital. He additionally held not directly 645,565,918 (1.91 per cent).
In its first quarter unaudited report, BUA Cement Plc suffered a 19.14 per cent drop in revenue after tax revenue to N26.800bn from N33.142bn reported for a similar interval in 2022.
The corporate’s interim monetary report for the primary quarter ended March 2023 revealed that rising prices drove the downward pattern.
In June, the Worldwide Finance Company stated that it has invested $500 million in BUA Cement Plc, which it described because the “largest-ever funding in northern Nigeria.”
The fund would assist BUA within the growth of two extra cement manufacturing traces in Sokoto state, with a goal of 12,000 jobs.
“IFC at the moment made its largest-ever funding in northern Nigeria, offering a financing package deal alongside African and European companions to BUA Cement Plc to assist the corporate part-finance and develop two new, energy-efficient cement manufacturing traces that may create as much as 12,000 direct and oblique jobs,” the assertion reads.
The value of Bua Cement shares stood at ₦ 98.95 on the finish of buying and selling on Wednesday. The identical value it has remained for the previous six buying and selling classes.
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