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BUA Sugar targets NSE listing

By Micheal Eboh
BUA Sugar Refinery Limited has hinted of its plans to increase its ownership structure, with the listing of its shares on the Nigerian Stock Exchange (NSE) in the near future.

The company was also recently awarded with the Standard Organisation of Nigeria’s (SON) Mandatory Conformity Assessment Programme (MANCAP) award for Quality.

According to the Managing Director of the company, Mr. Godwin Isibor, the plan to list the share is borne out of its decision to extend ownership of the company to a vast majority of Nigerian, adding that the list processes would commence after holding talks with the relevant capital market authorities.

He said, “We would want to actually share this success story with each and every Nigerian if possible. We have been thinking about it and we will like to actually go to the capital market. But as is the practice, we will have to sit down first and talk to the authorities to see how we can actualise it. But we are interested in going to that place, when I cannot say exactly.

He noted that the MANCAP award is in demonstration and recognition of the consistent quality programme of the company.
Isibor disclosed that the refinery which is expected to come on stream by April 2010, when fully operational will churn out about 720,000 metric tonnes of sugar per annum with further plans to increase production and export to neighbouring West African countries in the short term.

He noted that as parts of plans to address the erratic power situation in the country, the company has installed a 20 megawatts power plant in its refinery and the installation of a storage facility with 5,000 tons capacity.

In addition, he stated that the company is setting aside over about N300 million in the construction of roads within the sugar refinery, in order to address the deplorable state of the roads within the area.

This , according to him, is to ensure the smooth movement of vehicles around the premises and locality of the refinery, as it is envisaging about 75 trucks daily.


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