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BUA TARGETS 51% STAKE IN UNION DICON SALT

By NBF News

BUA Group, a fledging indigenous conglomerate, is currently targeting the acquisition of 51 per cent stake in Union DICON Salt Plc.

This indication was given in a paper on the company's latest award by the Chartered Institute for Commerce and Industry, the largest professional body in commerce. BUA Group was presented with the CICI Award of Excellence, 2010 edition.

The paper said the new acquisition move by the Group 'is part of its growth focus, while consolidating on its various achievements.'

It stated, 'BUA continues to explore local and international opportunities for sound pockets of investment, in line with her vision of unlocking opportunities and remaining a first class regional and international conglomerate.'

Meanwhile, a statement by the company, in Lagos on Wednesday, said the CICI Award, which was the climax of the 31st National Commercial Administrators Conference of the institute, took place in Kaduna recently.

The statement added that the Group Executive Director, BUA Group, Alhaji kabiru Rabiu, received the award from the Chairman of the occasion, who is also the Special Adviser on Statistics and Strategic Planning, Office of the Rivers State Governor, Mr. Okerie Oke.

According to Oke, 'BUA was given the award in recognition of its outstanding achievements, established record of administrative efficiency, innovative programmes, humanitarian services and qualitative and focused leadership.'

Giving a brief history of BUA, he said BUA International Limited, the parent company, was set up about 21 years ago to undertake the importation and marketing of iron and steel, agricultural, industrial chemical and other manufacturing activities.

'The company, today, has expanded over time to include sugar refining, flour and oil milling, port operations (as a concessionaire), cement manufacturing and real estate.

He said the company had strengthened its leadership position in the economy by its recent acquisitions, including Lifiaji Sugar; stake in Edo Cement and Sokoto Cement for the purpose of boosting local production of cement and sugar.'