Abdul Samad Rabiu, Executive Chairman of BUA Group said in a statement on Sunday that the acquisition was necessary to further deepen its investments in the infrastructure business in sub-saharan Africa.
“This acquisition marks the beginning of the next phase of our medium term strategy for our infrastructure business following the completion of the consolidation of our cement arm, BUA Cement, in January 2020.
“BUA’s acquisition of majority holdings in P.W. Nigeria Ltd provides a prime opportunity to increase our investments in the entire value chain of the cement, mining and construction industry where we already have BUA Cement Plc.
“We believe P.W. Nigeria Ltd with its solid experience in building dams, roads, airports, water projects and other infrastructure projects in Nigeria provided a strong value proposition too difficult to ignore,” he said.
Rabiu said it became imperative for BUA to position itself strategically to support critical investments and government effort and unlock latent opportunities in the infrastructure development space.
He noted that the acquisition of P.W. Nigeria extends BUA’s investments, leadership and capacity in the infrastructure space and projects were expected to benefit from a tight integration of BUA’s cement business and PW Nigeria’s construction business.
P.W. Nigeria Ltd., originally founded in 1948 in Ireland, later began operations in Nigeria in 1974.
It has over 45 years of experience working in Nigeria, and throughout the West Africa region.
P.W. Nigeria Ltd. has an extensive modern fleet of construction equipment and a team of highly trained and professional staff.
BUA Group, established in 1988, has grown over the years to entrench its place as a leading player in the foods, mining, manufacturing and infrastructure space in Africa, with major investments in cement, mining, real estate, steel, port operations, sugar and agribusiness.
With key operations spread across Nigeria and an international presence in London, BUA Group has firmly established a reputation as one of the largest contributors to Nigeria’s GDP.
Its key cement holding, BUA Cement, is the second largest producer of Cement in Nigeria and is listed on the Nigerian Stock Exchange.
Edited By: Oluwole Sogunle