BUA Cement Plc’s N115 billion 7-Year Series 1 Fixed Rate Senior Unsecured Bond issue on the Nigerian Exchange (NGX) Limited.
The listing was commemorated with a digital Closing Gong Ceremony featuring the Chief Executive Officer, BUA Cement Plc, Yusuf Haliru Binji.
BUA Cement’s bond offering was oversubscribed by 37% per cent to the tune of N137.82bn and represents the largest amount raised by a corporate issuer in the history of Nigeria’s debt capital market.
The CEO of BUA Cement, Yusuf Haliru Binji thanked the management of NGX Limited for the invitation to bring trading activities to a close.
He said, “Today marks another key milestone on our journey to becoming the preferred cement manufacturer in Africa.
“As part of our growth strategy, we took the deliberate decision to access the debt capital market with the intent to raise N100 billion in the first tranche of our N200 billion programme.
“Given the overwhelming response and in accordance with the Securities and Exchange Commission’s guidelines, we accepted N115 billion as the total subscription amount.
“For us this was clear assessment of our viable business model, strong financial performance, and the strength of our product offerings