Zichis Agro-allied Industries Plc has announced plans to list shares valued at N1.09bn on the Nigerian Exchange Limited through a listing by introduction on the Growth Board.
The company plans to list 600m ordinary shares of 50 kobo each at N1.81 per share, translating to a market value of N1.09bn. The planned listing follows a board meeting held in Lagos with capital market regulators, financial advisers and shareholders.
Financial advisers to the transaction include QCAPITAL Limited and Cordros Capital Limited.
Speaking at the meeting on Tuesday, the chairman of Zichis Agro-allied Industries, Hezekiah Oshaba, said the company would be guided by best corporate governance practices following its admission to the Exchange.
He said the board and management were committed to complying with all regulatory requirements and ensuring that investors derive long-term value from their investment in the company.
Also speaking, the managing director of the company, Anthonia Akabusi, described the company’s transition from a private to a public entity as a significant milestone.
She said the listing on the NGX would mark the beginning of a new phase for the company, adding that management is committed to transparency, timely disclosure and strict adherence to the reporting requirements of the regulators.
Akabusi said the company is prepared to align its operations with the rules of the Exchange and work closely with regulators and stakeholders to deliver on its growth strategy.
The Managing Director and Chief Executive Officer of QCAPITAL Limited, Adeboye Teriba, said the company’s management had demonstrated readiness to adapt to the requirements of a listed company, noting that advisers would continue to support Zichis throughout the post-listing phase.
Zichis Agro-allied Industries reported a turnover of N289m for the financial year ended 31 December 2024, representing a 119 per cent increase from the N132m recorded in 2023. Profit After Tax rose to N56.7m in 2024 from N16.8m in the previous year.
The company also declared a dividend of five kobo per share for the 2024 financial year, with shareholders approving an option to receive scrip shares instead of cash.
