BUA Cement Seeks Syndicated Loans to Boost Capacity

BUA Cement Seeks Syndicated Loans to Boost Capacity

BUA Cement Plc has revealed a plan to raise fresh capital from a syndicate pool to be led by International Finance Corporation (IFC) as a lead arranger, according to a regulatory filing on Monday.

A key member of the Nigerian cement oligarch told notified Nigerian Exchange Limited (NGX), its esteemed shareholders and the investing public about its plan to access funds to boost capacity amidst growing demand.

Nigeria’s cement industry has been performing strongly due to large capital projects and a shortage of housing in Africa’s largest economy by gross domestic product value.

In the statement, BUA said it is already discussing with the IFC, serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion of BUA Cement’s integrated cement plants.

These plants spread across Kalambaina, Sokoto State, Nigeria which shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA and the developing of other ancillary utilities. READ: Earnings: BUA Cement Records Good Start in Challenging Environment

The cement company said it will update the market about further developments as part of its disclosure obligations. # BUA Cement Seeks Syndicated Loans to Boost Capacity