BUA Foods To Begin Rice Production, Says Acting MD
The Managing Director, BUA Foods Plc, Ayodele Abioye says the company will commence rice production before the end of 2022.
BUA Foods Plc, a subsidiary of BUA Group which is one of the leading players in Sugar, Pasta and Flour in the country said its rice business is expected within the year, while it would also recommence production of its edible oil.
On January 5th, 2021,
It listed 18 billion ordinary shares at N40 per share on the Main board of the Nigerian Exchange Limited (NGX).
Speaking Tuesday during presentation on Facts Behind the Listing on the NGX, Abioye said its Foods brads are suitable, sustainable and scalable for the market.
“As we all know, food remain a basic need for the human race . Also to mention in one of our recent reports affirms that Nigeria is the biggest food market in Africa. This is equally justified in the increasing projection that we see. Then the question is how do we tap this opportunity?
“Our operation presents a platform that is suitable, sustainable, more efficient and scalable. Our business model itself has brought project and position us.
“BUA Foods Plc was birthed in 2021, and this was an outcome of a planned restructuring process of all our food business entities. Today, we are here to follow up on this listing of this enlarged entity which became listed on the Nigerian Exchange on the 5th of January, 2022. Three of our five businesses division, namely sugar, flour and pasta, are currently and fully operational and are contributing to our current revenue stream,” he said.
“While our rice division will begin operation before the end of the year, we are working to also recommence our edible oil operation in the mid to long-term frame.
According to Abioye, “It is worthy of emphasis to mention that our two subsidiaries are strategically growth engines focused on our long-term economic value creation. To highlight that is to say that the destination sugar refinery presents our market expansion opportunity into the African market and the West Africa as a start.
“Furthermore, it is also to mention that our current market leadership equally positions us in such a way that we will not only be protected but improved upon as we complete ongoing expansions.
“We will also continue to drive our supply chain integration, again, through the backward integration programme. Finally, we will progress our partnership with our host communities and our supply networks..
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