Zichis Agro-allied Industries Plc has concluded a board meeting in Lagos with capital market regulators, financial advisers, and shareholders as part of preparations to list N1.09 billion worth of shares on the Nigerian Exchange Limited (NGX).
The agro-allied company plans to list by introduction on the NGX Growth Board, offering 600 million ordinary shares of 50 kobo each at N1.81 per share, translating to a market value of N1.09 billion.
Financial advisers present at the meeting included QCAPITAL Limited and Cordros Capital Limited, who are acting as joint financial advisers to the company.
Speaking at the signing ceremony with key market stakeholders, the Chairman of Zichis Agro-allied Industries Plc, Mr. Hezekiah Oshaba, assured investors that the company would uphold the highest standards of corporate governance upon listing.
“As a board, we will be guided by best corporate practices. When we are listed, we will follow all regulatory guidelines and ensure that our investors have no cause for regret in the long run,” Oshaba said.
“Every investor expects returns, and that is the essence of investment. Be assured that the board and management team are committed to taking the company to the next level, especially as the NGX continues to record remarkable growth.”
Also speaking, the Managing Director of the company, Mrs. Anthonia Akabusi, described the firm’s transition from a private to a public company as a significant milestone.
“This transition reflects resilience and scalability. Our listing on the NGX is just the beginning. We assure investors, stakeholders, and regulators of transparency and consistent reporting,” she said.
“We are ready to learn, adapt, and comply fully with regulatory requirements. What we present to stakeholders is exactly what management will practice. Shareholder value remains our priority.”
The Managing Director and Chief Executive Officer of QCAPITAL Limited, Mr. Adeboye Teriba, also expressed confidence in the company’s preparedness.
“We are not just taking Zichis Agro-allied Industries to the market; we are committed to supporting the company throughout its growth journey. We expect to see significant expansion in its market capitalisation within the next year,” he said.
Financially, Zichis Agro-allied Industries recorded strong performance in the year ended December 31, 2024. The company reported a turnover of N289 million, representing a 119 per cent increase from N132 million in 2023. Profit after tax rose to N56.7 million, a 238 per cent increase from N16.8 million recorded in the previous year.
During the period under review, shareholders approved a dividend of 5 kobo per share, with an option to receive script shares in lieu of cash.
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