The Nigerian Exchange Limited has listed BUA Cement Plc’s ₦115bn 7-Year Series 1 Fixed Rate Senior Unsecured Bond issue.
The listing, which represents the first listing in the NGX era, was commemorated with a digital closing gong ceremony on Tuesday with the Chief Executive Officer of BUA Cement, Yusuf Binji.
In a statement to Financial Street, the NGX’s Divisional Head, Listings Business, Mr Olumide Bolumole, said, “We are, therefore, excited about BUA Cement’s debut bond offering which 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.
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“Without a doubt, this is a testament to the high level of confidence placed on this reputable brand by its investors and the entire market.”
Binji, while thanking the management of NGX Limited, said, “As part of our growth strategy, we took the deliberate decision to access the debt capital market with the intent to raise N100bn in the first tranche of our N200bn programme.”
“Given the overwhelming response and in accordance with the Securities and Exchange Commission’s guidelines, we accepted N115bn 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,” he explained.
NGX reiterated that it was committed to providing issuers with a platform that allows them to continue to raise capital even in the toughest of times whilst also facilitating secondary market trading activities.
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