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BUA CEMENT PLC

(BUACEMENT)
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End-of-day quote Nigerian Stock Exchange  -  05-24
74.25 NGN    0.00%
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Bua Cement : Group Acquires Majority Shareholding in PW Nigeria Limited

03/23/2020 | 08:06am EDT

One of Africa's largest infrastructure companies, BUA Group, has announced its acquisition of majority shareholding in PW Nigeria Limited - one of Nigeria's largest construction, engineering and mining companies. BUA said in a statement yesterday that the acquisition was necessary to further deepen the company's investments in the infrastructure business in sub-saharan Africa.

Speaking on the acquisition, the Executive Chairman of BUA Group, Alhaji Abdul Samad Rabiu, said the acquisition marks the beginning of the next phase of the company's medium term strategy for its infrastructure business following the completion of the consolidation of its cement arm, BUA Cement, in January 2020.

"BUA's acquisition of majority holdings in PW Nigeria Limited provides a prime opportunity to increase our investments in the entire value chain of the cement, mining and construction industry where we already have BUA Cement Plc, the second largest cement company in Nigeria, as well as investments in other areas including mining, quarrying, construction, power and logistics amongst others. We believe PW Nigeria Limited with its solid experience in building dams, roads, airports, water projects and other infrastructure projects in Nigeria provided a strong value proposition too difficult to ignore."

Rabiu further added that, as Nigeria and most of West Africa seek to improve infrastructural development in coming years, it became imperative for BUA to position itself strategically to support critical investments and government's effort and unlock latent opportunities in the infrastructure development space.

He added that the acquisition of PW Nigeria extends BUA's investments, leadership and capacity in the infrastructure space, stressing that projects are expected to benefit from a tight integration of BUA's cement business and PW Nigeria's construction business.

Originally founded in 1948 in Ireland, and later began operations in Nigeria in 1974, PW Nigeria Limited has now over 45 years of experience working in Nigeria, and throughout the West Africa region. PW Nigeria Limited has an extensive modern fleet of construction equipment and a team of highly trained and professional staff. It is highly committed to the continued development of Nigeria.

The company also boasts of a diverse portfolio comprising mining, earthmoving, roads and bridges, airport runways, infrastructure development, water supply and sewage. These projects have not only helped grow local economies, but also improved the quality of life for the communities and people in the region. It also has an unmatched combination of knowledge, skill, experience and customer commitment coupled with sound financial backing which elevates it as the number one partner in Nigeria and West Africa.

BUA Group was established in 1988 by founder and industrialist, Abdul Samad Rabiu and has grown over the years to entrench its place as a leading player in the foods, mining, manufacturing and infrastructure space in Africa with major investments in cement, mining, real estate, steel, port operations, sugar and agribusiness. With key operations spread across Nigeria and an international presence in London, BUA Group has firmly established a reputation as one of the largest contributors to Nigeria's GDP.

Its key cement holding, BUA Cement, is the second largest producer of Cement in Nigeria and is listed on the Nigerian Stock Exchange (NSE).

Copyright This Day. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials
Sales 2022 296 B 713 M 713 M
Net income 2022 94 212 M 227 M 227 M
Net cash 2022 176 B 425 M 425 M
P/E ratio 2022 26,7x
Yield 2022 3,56%
Capitalization 2 514 B 6 056 M 6 056 M
EV / Sales 2022 7,90x
EV / Sales 2023 6,74x
Nbr of Employees 1 091
Free-Float 58,0%
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Mean consensus UNDERPERFORM
Number of Analysts 2
Last Close Price 74,25 NGN
Average target price 50,42 NGN
Spread / Average Target -32,1%
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Managers and Directors
Yusuf Haliru Binji Chief Executive Officer, MD & Director
Jacques Piekarski Chief Financial Officer & Executive Director
Chikezie Ajaero Finance Director
Abdul-Samad Isyaku Rabiu Chairman
Khairat AbdulRazaq-Gwadabe Independent Non-Executive Director
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