Khalifa Rabiu’s Stake in BUA Foods Surpasses $300 Million After Share Rally
Khalifa Rabiu, son of Nigerian billionaire industrialist Abdul Samad Rabiu, has seen the value of his stake in BUA Foods Plc rise above $300 million following a strong rally in the company’s shares.
Khalifa Rabiu’s 2.63 percent stake in the company, representing about 473.6 million shares, reportedly increased in value from approximately $271 million in March to nearly $335 million after the company’s stock gained more than 21 percent within 67 days.
The rally pushed the market capitalization of BUA Foods to about N17.41 trillion, strengthening its position as Nigeria’s second most valuable publicly listed company.
Despite recording softer revenues due to weaker sales in its sugar and flour segments, the company posted stronger quarterly profits driven by improved cost management and its backward integration strategy.
Khalifa Rabiu, who was recently appointed Chief Officer for Global Procurement and Strategic Operations at BUA Foods, is also expected to receive a dividend payout estimated at N13.2 billion in July.
BUA Foods Plc remains one of Nigeria’s leading food manufacturing companies with operations spanning sugar, flour, pasta, and rice production.
Khalifa Rabiu’s Stake in BUA Foods Surpasses $300 Million After Share Rally