BUA Foods Plc (NGX: BUAFOODS) was formed in November 2021 following a scheme of restructuring under Section 711 of the Companies and Allied Matters Act involving BUA Sugar Refinery Limited, IRS Flour Mills Limited, IRS Pasta Limited, BUA Rice Limited, and BUA Oil Mills Limited, further to which BUA Sugar Refinery Limited (a private limited liability company, incorporated on 13 April 2005 and commenced business operations in September 2008) emerged as the surviving entity.
As part of the restructuring, the name of the enlarged entity was changed to BUA Foods Plc with its operations reorganised into five business divisions: Sugar, Flour, Pasta, Rice and Edible Oils.
In December 2021, the Company was converted into a public limited liability company.
BUA Foods is affiliated with diverse group of companies under the BUA brand that span the food and infrastructure sectors, and was listed on the Nigerian Exchange Group (NGX) on 5 January 2022.
Furthermore, by share transfer forms each dated 11 October 2021, the shareholders of BUA Sugar Refinery FZE and LASUCO Sugar Company Limited (“Subsidiaries”) transferred all their shares to BUA Sugar Refinery Limited (now BUA Foods Plc) thereby making them wholly owned subsidiaries of the BUA Foods Plc.
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The direct and indirect interests of Directors in the issued share capital of the Company, as recorded in the Register of Directors’ Shareholding and as notified by the Directors for complying with Section 301, of the Companies and Allied Matters Act, 2020.
Shareholding Structure
Prior to the restructuring, the Company had 20,000,000 (twenty million) ordinary shares at ₦1.00 each. The number of shares was increased to 29,537,595 (twenty-nine million, five hundred and thirty seven thousand, five hundred and ninety five) by the creation of 9,537,595 (nine million, five hundred and thirty seven thousand five hundred and ninety five) ordinary shares at ₦1.00 each to effect the Restructuring.
Furthermore, by a resolution dated 24 November 2021, the Company increased its authorised share capital to 18,000,000,000 ordinary shares by the creation of 17,940,924,810 ordinary shares of ₦0.50 each.
Existing shares of 29,537,595 of N1.00 each were also converted based on the share split to 59,075,190 of N0.50 each.
At 31 December 2022, the analysis of shareholding in the Company was as follows:
- Alhaji Abdul Samad Rabiu CFR, CON: 16,172,601,967 shares (89.848%)
- BUA Industries Limited: 500,485,433 shares (2.780%)
- Alhaji Isiyaku Rabiu (Jnr): 473,628,201 shares (2.631%)
- FPCNL/NPF FUND II INVEST A/C – MAIN: 242,000,000 shares (1.344%)
- Others 611,284,399 3.397.
As at December 31, 2022, Bua Foods has a free float of 850,690,610 shares (4.73%), according its 2022 audited financial statement. At the closing price of N102 per share on Friday, its free float would be valued at N86,770,442,220 which is in compliant with the Nigerian Exchange Group’s “The NGX” free float requirements for companies on the Main Board.
which is compliant with the Nigerian Exchange Group’s “The NGX” free float requirements for companies on the Main Board.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
