BUA Cement Plc yesterday notified the Nigerian Exchange and the investing public of an isolated fire incident that occurred at a diesel storage tank farm located in the vicinity of one of their factories in Sokoto on 18th March 2022.
According to the notice signed by the Company Secretary, Abubakar Magaji, the incident occurred whilst routine maintenance work was ongoing on one of the storage tanks by a third-party contractor.
The notice stated that immediately the incident occurred, emergency services were alerted and their team swiftly responded to prevent the extension of the damage to the main plant and equipment.
Magaji said that they were, however, able to confirm the regrettable loss of 3 members of the third-party contractor’s staff.
While they were working assiduously to investigate the cause of the fire outbreak at the depot, which had in place adequate safety and control mechanisms, members of the Federal Fire Service, State Fire Service and their fire department were able to bring the fire under control on the 20th of March, 2022.
With a sign of relief, he said that operations at the plant and production which were shut down in the aftermath of the incident as a precautionary and preventive measure have since resumed at the factory, which was unaffected by the incident.
It would be recalled that The Board of Directors of BUA Cement Plc is scheduled to meet on Thursday, March 24, 2022 to consider amongst other matters, the audited financial statements for the year ended December 31st , 2021 after which the Financial Statements will be simultaneously filed with the relevant regulatory bodies and released to the public.
In compliance with the post-listing requirements of Nigerian Exchange Limited for listed companies, BUA Cement Plc’s closed period for trading in the Company’s shares commenced on the 1st of January, 2022 in respect of the Audited Financial Statements for the year ended December 31st, 2021.
Accordingly, no Director, Manager and other related and interested parties privileged to have sensitive information, which may materially affect the price of the securities of the Company, and persons connected to them may directly or indirectly deal in the shares of the Company, until 24 hours after the release of the Audited Financial Statements to the Nigerian Exchange Limited and the Public.
The company which, earlier presented a second-quarter forecast of N109.793 billion revenue, N56.809 billion gross earnings and N42.053 billion profit after tax closed the market with a unit price worth of N70.75. The stock is the 4th most capitalized stock with N2.396 trillion.
