BUA Cement Steadies Ahead of N68bn Dividend Plan
BUA Cement Plc traded flattish again in the stock market ahead of its proposed dividend payment plan worth about N68 billion in August 2024 – of which about 96% would go to insiders in the company.
According to data from the Nigerian Exchange (NGX), BUA Cement share price ended unmoved at N143.2 following a very minimal transactions volume.
Despite about 34 billion outstanding shares in the local exchange, it looks like few investors are trading their shares in the market.
Transaction volume on BUA Cement Plc has been abysmally low for its size. Latest data showed that 7,547 ordinary shares of the company exchange hands on the Nigerian Exchange on Friday. The highest volume that exchange hands over the last five days in the market was 67,425 on Monday.
According to the register of members as at 31 December 2023, no individual shareholder held more than 5% of the issued share capital of the Company except its chairman Abdul Samad Rabiu controlling 56.03%. Also, BUA Industries Limited controlled 39.75%.
Both control 95.79% of the entire shareholding of the company, which appears to be the reason for stagnant market price. The company has announced plan to pay N2 per share as dividend for 2023.
“If the Dividend payment of N2.00 per share recommended by the Directors is approved, dividend will be posted electronically on Thursday, 29 August, 2024 to all the Shareholders whose names appear in the Company’s Register of Members as at the close of the business on Friday 9 August 2024…” the cement company said in a regulatory filing.
BUA Cement Plc with a free float value of N76,079,240,887 as at 31 December 2023 is compliant with the free float requirement for the Main Board of the Nigerian Exchange, the company said in its audited report. #BUA Cement Steadies Ahead of N68bn Dividend Plan
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