BUA Divests from Flour Mills Business in $275m Deal

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BUA Group, one of Nigeria\’s largest foods and infrastructure conglomerates, has announced the divestment of its flour business to Olam International, a leading agri-business company operating in several countries, in a $275 million deal. \r\nSpeaking at the signing ceremony, billionaire industrialist and founder, BUA Group, Mr. Abdulsamad Rabiu, said: \”This signing marks a major milestone in our medium-term strategy. Over the years, we have run one of the largest and most efficient flour milling businesses in Nigeria and are confident in the value it will add to the buyer\’s operations. \r\nOur group\’s strategic focus will now be to diversify to business areas with greater potential for exports where the sourcing and utilisation of foreign exchange is less and most of the materials needed for production can be sourced locally whilst also positioning our current line of foods and infrastructure businesses for market leadership.\” \r\nSpeaking further on the group\’s medium-term growth strategy, Rabiu who is also the Executive Chairman of BUA, said expanding the backward integration of its sugar plantations in Kwara and Kogi Sates remained key.

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