RMB Nigeria Advises BUA Foods on its Listing by Introduction on NGX

Rand Merchant Bank Nigeria Limited (“RMB Nigeria”) has said that it is proud to have acted as a Financial Advisor to BUA Foods Plc on its recent listing by Introduction on the main board of the Nigerian Exchange Limited (NGX).

The listing, it stated in a statement, follows the successful combination of BUA Group’s food businesses: BUA Sugar Refinery Limited, IRS Flour Mills Limited, IRS Pasta Limited, BUA Rice Limited, BUA Foods Limited and BUA Oil Mills Limited into one entity known as BUA Foods Plc, a transaction in which RMB Nigeria also acted as Financial Advisor to BUA Group.

“At the time of listing, BUA Foods became the second largest company by market capitalisation on the Consumer Goods sector of the NGX having listed a total of 18 billion shares at N40.00 per share, representing the Company’s total issued share capital, and trading under the ticker “BUAFOODS” . BUA Foods’ listing on the NGX creates access for public participation in the ownership of the Company, the deepening of the NGX and positions the Company to access long term capital, “it stated.

Co-head, Banking Division, RMB Nigeria, Chidi Iwuchukwu, in the statement commented that, “As an ongoing, trusted advisor to BUA Group and its related entities, RMB Nigeria is proud to have acted as a Financial Advisor to BUA Foods on the listing. The listing will deepen the Nigerian equity capital market and provide an opportunity for the investing public to participate in the growth story of BUA Foods”

Similarly, CEO, RMB Nigeria, Michael Larbie, stated that “The successful listing of BUA Foods marks a significant milestone in the evolution of our business and creates an avenue for local and international investors to participate in the BUA Foods’ success story. We value RMB Nigeria’s advisory contribution to the listing and continued partnership with the broader BUA Group.”BUA Foods is poised to consolidate on its ambition to play a critical role in the Food and FMCG industry and remain a valuable contributor to sustainable economic growth in Nigeria.”