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    EFCC arraign former Abia state Gov Theodore Orji, son for alleged ₦N60.85bn fraud

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    COAS increases troops’ daily feeding allowance from N1,500 to N3,000

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    Impeached speaker Obasa storms Lagos Assembly with security

    UK Prime Minister calls Kemi Badenoch “self-appointed savior of Western civilization”

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    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

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    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Air Sierra Leone commences flight operations to Lagos

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BUA Cement Plc to add 9 million metric tonnes per annum to its capacity

Tuesday, 22 December 2020, 4:03 pm
in Business, Companies
0
Nigerian Stock Market Review and Stock pick for the week ahead 20th July – 24th July 2020
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BUA Cement Plc (NSE: BUACEMENT) has signed an agreement with China’s Sinoma CBMI to build three new production lines of 3 million metric tonnes per annum each. This was contained in a notification the cement manufacturer published on the Nigerian Stock Exchange.

According to the notification seen by Investogist, the agreement was signed this week, and the new production lines will be located at Adamawa, Edo and Sokoto States.

It was also responsible for the installation of an additional 1.5 metric tonnes capacity production line at Sokoto Cement, also a subsidiary of BUA Cement.

  • Read also; Seplat Petroleum and Waltersmith sign Crude Purchase Agreement
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Over the last decade BUA Cement has embarked on a series of expansion projects to boost its cement production capacity at many of its subsidiaries;

  • Kalambaina Cement limited with a current installed capacity of 1.5 million MT, saw the commencement of the development of a 1.5m MT plant in 2015, and it was commissioned and began production in 2018.
  • Obu & Edo Cement Company limited with a current installed capacity of 3.5 million MT, saw the completion and commencement of production of a 3 million MT capacity Greenfield Obu Cement plant in 2015. A US $600m contract was signed with SINOMA China to add a new line of 3 million MT IN 2016 and commenced production in 2018.

The Nigerian cement industry has three major players dominating the market, with Dangote Cement Plc being the leader wielding 60.6% of the market share with a local installed capacity of 29.3 million MT, Lafarge Africa Plc having 21.8% share with a production capacity of 10.5million MT, and BUA Group accounts for 17.6% share and 8.5mtpa.

With the production lines adding a combined capacity of 9 million MT, BUA Cement will be poised to take on Dangote Cement Plc for market dominance in Nigeria. All three production lines will bring the combined capacity of BUA Cement Plc to 17.5mtpa, placing it ahead of Lafarge Africa Plc, and more than half way to Dangote Cement’s combined local production capacity.

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.

A lot of things are happening at BUA Cement, we believe it will be worthwhile from a long term perspective to acquire the shares of BUACEMENT.

By; Nnamdi M.

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