Bua acquires majority shareholding in PW Nigeria
BUA Group said the acquisition was necessary to deepen investment in its infrastructure business in sub-Saharan Africa.
BUA Group, one of Africa’s largest infrastructure companies, has acquired a majority shareholding in P.W. Nigeria Limited, one of Nigeria’s largest construction, engineering and mining companies. According to BUA, whose vision is to be a world-class conglomerate, spreading across Africa and beyond, the acquisition was necessary to deepen investment in its infrastructure business in sub-Saharan Africa.
Founded in 1948 in Ireland, PW Nigeria has been involved with both mining and infrastructure development in West Africa for over 45 years. The company said it is highly committed to the continued development of Nigeria. It has a diverse portfolio of projects, including mining, roads and bridges, airport runways, water supply and sewage, which are helping to grow local economies, improve the quality of life for communities in Nigeria and other West African nations.
“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,” said Abdul Samad Rabiu, Executive Chairman of BUA Group. “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.”
Rabiu further stated that the acquisition became imperative to enable BUA strategically position itself to support critical investment efforts in infrastructure development by the Nigerian government. Established in 1988, BUA Group's subsidiary, BUA Cement Plc, is the second largest cement company in Nigeria. The company plans to increase its investments in other areas such as mining, quarrying, construction, power and logistics, amongst others.
The group also has operations in real estate, steel, ports and terminals, sugar and agribusiness.
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