Abdul Samad Rabiu, Chairman, Cement Company of Northern Nigeria, CCNN and Founder/CEO of BUA Group, rang the closing gong on the floor of the Nigeria Stock Exchange, NSE, to mark the end of trading on Wednesday, and commemorate the successful completion of the CCNN/Kalambaina Cement merger.
The symbolic occasion was also used to mark the listing of the shares of the expanded CCNN entity which is now one of Nigeria’s 12 most capitalized companies on the exchange.
DAILY NIGERIAN reports that the closing gong ceremony at the NSE is a unique platform that aligns with the global tradition where stock exchanges invite business leaders of quoted companies and select individuals who have contributed significantly to the development of their economy.
Speaking, Mr Rabiu thanked the NSE for their support and effort in deepening the nation’s capital market.
According to him, the merger will serve to further boost efficiency, productivity, output and better returns of CCNN, saying: “The opportunities within CCNN’s key markets and its export potential are almost endless.
“Situated just about 100km from Niger Republic and as the nearest cement plant to key markets in Northern Nigeria, the enlarged CCNN is now poised to compete effectively and serve those markets better at a lower cost with more energy efficiency through our use of coal.
“We expect to remain the Number one player in that regional market for the considerable future whilst building capacity for future demand”.
It would be recalled that the NSE in its listing had lifted CCNN to the 12th most capitalized company at the stock market, with a market value of N254.98 billion at the close of trading on December 31, 2018.
The CCNN has also listed 11.887 billion ordinary shares of 50 kobo each on the Daily Official List of the Exchange, raising the cement company’s total issued and fully paid up shares from 1.257 billion ordinary shares of 50 kobo each to 13.143 billion ordinary shares of 50 kobo each.
BUA Group’s current cement assets in Sokoto State includes the 2million MTPA CCNN plants with over 90% stake and is widely acclaimed for its high capacity utilization, efficiency and quality of its products.