BUA Foods’ Market Valuation Rises 65% to N1.19 Trillion
Rising by 65% in just 9 days of trading, BUA Foods market valuation inches higher to about N1.19 trillion in the just concluded week. The company which listed 18 billion shares at N40 early in 2022 has been on gaining streaks.
The Nigerian Exchange records show BUA Foods Plc market valuation has increased to N1.188 trillion as the company share price ended at N66 ahead of earning season. In absolute terms, BUA Foods share price has appreciated by N26 over 9 trading sessions.
The detail of equity investors that are buying and selling the stock remains sketchy. The company’s listing memorandum indicates that BUA Foods is still a family affair as BUA Chairman, Son and a member of Rabiu clan hold near 100%.
Reacting to MarketForces Africa request for comments on what’s driving the newly listed company share price since there is weak float, BUA Foods said on its listing day, the company ensured that sufficient quantum of shares not less than the required units of the shares to be listed was made available for trading on the floor of Nigerian Exchange.
According to a document shared with MarketForces Africa by Sunday Ogieva, the management said given the strong investment proposition of the company, the shares have been gaining significant traction in the market.
However, the company is silent on the number of shareholdings that will be sold out to the public from BUA Family’s holding. Some analysts said it is discretionary since the Nigerian Exchange listing process was met.
BUA Foods Market Valuation Rises 65% to N1.19 Trillion
