Business
Zichis Agro Allied Industries sets to list 600m shares on NGX
By Peter Egwuatu
Zichis Agro Allied Industries Plc , has concluded arrangements to list 6000,000,000 ordinary shares of 50 kobo each at N1.81 per share on the floor of the Nigerian Exchange Limited, NGX following approval of the regulatory authorities.
The company, at its completion board meeting for the listing by introduction on the Growth Board of the NGX, on Tuesday, where all the parties to the listing and directors of the company endorsed all the arrangements.
In his opening remarks before the signing ceremony with key market stakeholders, the Board Chairman, Zichis Agro-allied Industries, Mr. Hezekiah Oshaba, promised that the organisation would be guided by best corporate practice when listed on the NGX.
Oshaba said, “As a board, we will be guided by the best corporate practice. By the time we are listed, we will follow all the guidelines that we are supposed to follow and ensure that our investors don’t have any regret in the long run.
“As businessmen that we all are, if you put your money anywhere, you expect returns, and that’s the essence of all of it anyway.
“Be rest assured that as board members, and even the management team, we are poised to take you to another level. As it has already been said, the NGX is growing in leaps and bounds, and everybody, as it were, wants to tap from the growth.”
Antonia Akabusi, Managing Director and CEO of Zichis Agro-Allied Industries Plc, stated that the listing on the NGX is a strategic move to affirm the company’s commitment to transparency, good governance, and shareholder value.
On growth and legacy, Akabusi expressed that the future of the company is “bright” and that the management is focused on building “a lasting legacy of agricultural excellence for generations to come,” calling on shareholders for their support.
On operational excellence, she said the listing is tied to the company’s strategy of disciplined execution and leveraging its diversified agribusiness model, which includes poultry, fish farming, oil palm processing, and animal feed milling, to guarantee food security and economic impact for Nigeria.
Meanwhile, the parties to the listing include QCapital Limited and Cordros Capital Limited, who are the joint financial advisers; Anchoria Investment and Securities Limited (Lead stockbroker) and Cordros Securities Limited, joint stockbrokers . Others are V.O Olafamoye & Co, Chartered Accountant and Auditor, TOLG solicitors to the listing, TAC Professionals Services as reporting accountant and DataMax Registrars Limited as registrar.
The company in financial year ended December 31, 2024 declared turnover of N289million, about 119 per cent increase over N132 million recorded in 2023.. the company, however, closed 2024 with a profit of N56.7 million, about 238 per cent increase when compared to N16.8 million in 2023.
In the year under review, the company declared and got shareholders approval for a dividend of 5kobo per share with an option for script shares in lieu for who elect to opt for script shares.
The post Zichis Agro Allied Industries sets to list 600m shares on NGX appeared first on Vanguard News.
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