In a publication dated January 12, 2021 but released to the Nigerian Stock Exchange on Thursday, 22nd January, BUA Cement Plc (NSE ticker: BUACEMENT) gave a schedule for a meeting of its Board of Directors and closed period.
The Board of Directors of BUACEMENT is scheduled to meet in Lagos at 11.00am on Thursday, January 28, 2021 to consider amongst other matters, the Unaudited Financial Statements for the year ended December 31, 2020. After the Board meeting, the Financial Statements are expected to be filled with the relevant authorities and subsequently released to the public.
In compliance with the post listing requirements of the Nigerian Stock Exchange for listed Companies, BUACEMENT declared the commencement of the closed period for trading in the Company’s shares from January 14, 2021 in respect of the Unaudited Financial Statements for the period ended December 31, 2020.
Accordingly, no Director, Manager and other related and interested parties that may be privileged to have sensitive information, which may materially affect the price of the securities of the Company, and persons connected to them may directly or indirectly deal in the shares of the Company, until 24 hours after the release of the Audited Financial Statements to the Nigerian Stock Exchange and the Public.
According to Rule 17.17 of the Nigerian Stock Exchange Rule Book, “no Director, person discharging managerial responsibility and Adviser of the Issuer and their connected persons shall deal in the securities of the Issuer when the trading window is closed. Any period during which trading is restricted shall be termed as a closed period.”
Rule 17:18 (b) mandates all issuers to notify The Exchange in advance of the commencement of each closed period.
In December 2020, Investogist reported that has signed an agreement with China’s Sinoma CBMI to build three new production lines of 3 million metric tonnes per annum each.
BUA Cement Plc is a company domiciled in Nigeria. The Company was incorporated in Nigeria as a limited liability company on 30 May 2014 and commenced business in August 2015.
The Company was converted from a private limited liability company to a public limited liability company on 16 May 2019, as a prelude to a scheme of merger. The Company later merged with the defunct Cement Company of Northern Nigeria Plc in a scheme of merger on 23 December 2019 and was listed on the Nigerian Stock Exchange on 9 January 2020. BUA Cement is ultimately owned by Alhaji Abdulsamad Rabiu, CON.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur