Zichis Agro-allied Industries Plc has completed a board meeting in Lagos with the capital market regulating bodies, financial advisers and shareholders amid its plans to List by Introduction a N1.09 billion worth of shares on the floor of the Nigerian Exchange Limited (NGX).
The agro-allied company is planning a Listing by Introduction on the growth board of NGX a 600 million ordinary shares of N0.50 each at N1.81 kobo per share, translating into N1.09 billion.
Financial advisers at the board meeting held recently include QCAPITAL Limited and Cordros Capital Limited as joint financial adviser.
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.”
Speaking also, the Managing Director, Zichis Agro-allied Industries, Mrs. Anthonia Akabusi, stated the company’s transition from a limited to a public limited company is a remarkable journey.
“The transition is a journey of resilience and scalability. Zichis Agro-allied Industries listing on the NGX is a starting point. We are promising investors, stakeholders and regulators that the management is not going to disappoint in transparency and consistent filing of reports
“We are ready to learn, and adjust to listing requirements of the regulators. Our communication team is ready to listen and make corrections when necessary. We promise to execute our strategy once listed on NGX. What we present to stakeholders is what the management is going to practice. Our shareholders value is what we are holding onto and we promise not to disappoint.”
A financial adviser, who is the MD/CEO, QCAPITAL Limited, Mr. Adeboye Teriba, expressed of Zichis Agro-allied Industries’s management readiness to learn and adopt.
“We are not only taking Zichis Agro-allied Industries to the market but support all the way through. We wanted to see in the next one year expansion in market capitalization, he added.
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.