BUA Cement says it is in discussion with the International Finance Corporation (IFC) to obtain a loan for expansion of its integrated cement plant in Kalambaina, Sokoto State.
The cement company disclosed this in a statement signed by Hauwa Garba Satomi, the Deputy Company Secretary and obtained from the Nigerian Exchange Ltd. (NGX) on Monday.
It also said that IFC would be serving as lead arranger in conjunction with a number of other lenders in a syndication pool.
In the statement, the company wrote to its shareholders and the investing public that the company “has gone into discussion with the International Finance Corporation (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 plant in Kalambaina, Sokoto State, Nigeria, which shall include increasing its capacity from 2.0 million tons per annum (MTPA) to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project).”
Meanwhile, shareholders of the manufacturing companies have approved dividends of N88.047 billion for its financial year ended Dec. 31, 2021 at N2:60k per ordinary share of 50k each.
The approval was given during the company’s 6th Annual General Meeting held in Abuja.
The approval was based on strong financial performance in the year under review that recorded revenue growth of 22.9 per cent from N209.4 billion in 2020 to N257.3 billion in 2021.
Profits After Tax also rose by 24.5 per cent to N90.1 billion in the year under review.
Speaking at the Annual General Meeting, Abdul Samad Rabiu, Chairman of the Board of Directors of BUA Cement Plc commented, “Our performance in 2021 gives credence to our sound business model, value proposition, and the excellent team who responded to the challenges and opportunities that were confronted in the year under review.
“In the meantime, the BUA Cement brand continues to grow stronger in the marketplace.
“Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians.
“We expect to continue this excellent performance for the foreseeable future.”