…N5bn Commercial Papers issuance
Shareholders of Zichis Agro-Allied Industries Plc have cleared the path for a massive N50 billion capital raise, marking a transformative milestone for the recently listed agribusiness.
The approval, granted during the company’s recently held Annual General Meeting (AGM) held in Abeokuta, empowers the board to explore a strategic mix of equity and debt financing to fuel its aggressive expansion across the agricultural value chain.
The planned fresh capital will drive several high-impact projects, including the acquisition of 2,000 acres of farm land in Ogbere and Ajebo, Ogun State for palm
production expansion valued at N5.5billion.
Also at the annual general meeting, the company’s shareholders considered and approved the Audited Financial Statement (AFS) for the year ended December 31, 2025, together with the report of the Directors, Auditor and Audit committee.
They also considered and approved the declared dividend and bonus in respect of the financial year ended December 31, 2025.
Following the approval, the Board has paid a cash dividend of 20 kobo per ordinary share to shareholders whose names appeared on in the Register of Members as at the close of business on March 16 being the qualification date which was approved by the shareholders.
In respect of Bonus Issue, the Board recommended and got shareholders approval for bonus share issue in the ratio of One (1) new ordinary share for every one (1) existing ordinary share held by shareholders
whose names appears on in the Register of Members as at the close of business on
March 16 being the qualification date, which was also approved by the shareholders.
At the meeting, the following were other resolutions proposed and duly passed:
A resolution to acquire 2,000 Acres of Farm Land in Ogbere and Ajebo, Ogun State for palm production expansion valued at N5.5billion to be paid for by the issuance of special placing of 400 million ordinary shares at market value.
Proposal to increase the share capital of the Company to N1 billion divided into 2 billion ordinary shares of 50 kobo each ranking parri passu with existing ordinary shares of the Company.
The Board of Directors was authorised to acquire, directly or through its subsidiary, all or majority of the shares or assets of a company or companies in the same line of business with Zichis Agro Allied Industries Plc, as determined by the Board of Directors, pursuant to the Business Expansion.
Approval was also sought and granted for the board of directors to issue up to N5 billion Commercial Papers (CP) on milestone basis as may be required, on such terms and conditions as the Directors may determine, subject to obtaining all necessary regulatory
approvals.