The chairman of BUA Cement Plc, Alhaji Abdul Samad Rabiu CFR, has bought an extra 45 million shares worth N3.8 billion in the business.
This was stated in an insider’s notification of share dealing to the Nigerian Exchange Limited.
The 45 million shares purchased represent 0.13% of the company’s total outstanding shares.
Abdul Samad Rabiu’s direct shares have increased by 19,089,995,225 units, or 56.37%, from 19,044,995,225 units as of December 31, 2022, as a result of the transaction.
He now owns 19,089,995,225 units, or 56.37% more direct shares than he did as of December 31, 2022, when he owned 19,044,995,225 units.
He also holds a 39.75% holding in indirect shares through BUA Industries Limited. This increases his overall shareholding to 96.12%, or N3.22 trillion.
The transaction was completed on June 26th, 2023, according to the notice signed by the company secretary on July 25th, 2023, Hauwa Satomi. The 45 million shares of BUA Cement were purchased for N85 each.
BUA Cement Plc posted a pre-tax profit of N35.46 billion in the Company’s 2023 Q1 earnings.
Comparing this to the N42 billion the corporation recorded for the same period in 2022, there has been a reduction of 16.79%. Pre-tax profits fell as a result of higher sales costs from raw materials brought on by rising inflation and the naira’s depreciation.
The company’s sales from bagged cement products climbed by 9.6% to N106.35 billion from N97 billion in the same period last year.
