Abdul Samad Rabiu, Nigeria second richest man and the chairman of BUA Group, a rapidly expanding industrial and manufacturing conglomerate in Africa, recently made a significant investment in his flagship company, BUA Cement Plc. He spent an impressive $4.8 million to acquire more shares.
The share dealing notification by reports, which was published on Wednesday, July 26, revealed that Rabiu purchased an additional 45 million shares in BUA Cement. The total value of this acquisition amounted to N3.82 billion ($4.82 million). The transaction occurred on the floor of the Nigerian Exchange on Monday, June 26, as a single deal at an average price of N85 ($0.1072) per share.
Abdul Samad’s stake increased
With this recent share purchase, Abdul Samad Rabiu has increased his ownership stake in BUA Cement significantly. His ownership stake has risen from 95.99 percent, which represented 32,507,676,294 shares, to 96.13 percent, equivalent to 32,552,676,294 shares. This move further solidifies his position as the second-richest investor on the Nigerian Exchange, with billionaire industrialist Aliko Dangote being the only one ahead of him.
What you should know about BUA Cement shares
Headquartered in Lagos, BUA Cement holds the status of being the second-largest cement company in Nigeria. With a combined installed capacity of 8 million tonnes per annum, it is recognized as one of the leading cement manufacturers on the African continent.
As of the time of writing, BUA Cement shares were being traded at N98.95 ($0.125) on the Nigerian Exchange, leading to a market capitalization of N3.35 trillion ($4.22 billion) for the group. This substantial market capitalization firmly positions BUA Cement as the fourth most valuable company listed on the local bourse.
With the current share price in mind, Abdul Samad Rabiu’s 96.13 percent stake in BUA Cement now holds a total market value of N3.22 billion ($4.06 billion). This significant asset contributes to Rabiu’s overall net worth, which stands at $5.3 billion, securing his place as the fifth-richest billionaire in Africa.
Abdul Samad Rabiu’s recent acquisition of additional shares in BUA Cement showcases his unshakable belief in the company’s potential for growth and reflects his determination to increase his ownership in the prominent cement manufacturer.
In the wealth rankings, he currently follows Egyptian billionaire Nassef Sawiris and South African billionaire Nicky Oppenheimer, holding the fifth-richest position. Rabiu’s investment move highlights his dedication to further solidifying his position and reaffirms his confidence in the future prospects of BUA Cement.
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