Wednesday, September 27

Rice division to begin operation before the end of 2022 – Acting MD, BUA Foods

At the Facts Before the Listing of BUA Foods held on Tuesday, January 18th 2021, the Acting. Managing Director of the company, Ayodele Abioye, confirmed that the BUA Rice division will resume operation before the end of the year.

He stated this while emphasizing the structure of the business and the different divisional operations under the company. In addition to this, he also confirmed the company’s intention to commence production of edible oil as well.

He said, “Highlighting once again that three of our five business division namely Sugar, Flour and Pasta, are currently and fully operational and are contributing to our current revenue stream”.

While our rice division will begin operation before the end of the year, we are working to also recommence our edible oil operation in the mid to long term frame”.

Furthermore, he mentioned that the subsidiaries of the company, namely; BUA Sugar Refinery and LASUCO Sugar, are strategically growth engines focused on long-term and economic value creation.

According to Abioye, the destination sugar refinery will present market expansion opportunities into the African market and West Africa as a start and the company’s operation in LASUCO sugar will help deliver commitment on Agricultural strategy focusing on the backward integration program.

What you should know about BUA Foods listing

BUA Foods Plc was admitted on the 5th of January 2022 to the main board of the Nigerian Exchange, listing 18 billion units of ordinary shares at N40.00 per share, under the Consumer Goods sector of the Exchange, with trading symbol, BUAFOODS.

The listing of BUA Foods expanded the market capitalisation of the NGX by N720.0 billion.

The company is owned by billionaire businessman, Mr. Abdul Samad Rabiu, who equally holds majority stake of BUA Cement Plc.