Zichis Agro-Allied Denies IPO Plans, To Seek Shareholder Nod For Future Capital Raise

Zichis Agro-Allied Industries Plc has debunked media reports suggesting an imminent initial public offering (IPO), as no official announcement has been made on any IPO or public offering of shares.

In a statement signed by Zichis Agro-Allied Industries Company Secretary Solomon Itsede, the NGX-listed firm said it will however seek shareholders’ approval at its forthcoming Annual General Meeting to raise additional capital through equity, debt, or a combination of both, subject to regulatory approvals and market conditions.

The Company clarified that no official announcement has been made in respect of any IPO or public offering of shares at this time.

However, the Company confirmed that it has proposed to seek shareholders’ approval at its forthcoming Annual General Meeting (AGM) to raise additional capital, which may be through equity, debt, or a combination of both, subject to regulatory approvals and market conditions.

“At this stage, the structure, timing, and details of any such capital raising have not been finalized, and no specific transaction has been concluded,” it stated.

Zichis disclosed that “as a company listed on the Nigerian Exchange Limited (NGX), Zichis remains committed to the highest standards of corporate governance, transparency, and timely disclosure. Accordingly, any material corporate actions or capital market activities will be formally communicated through the appropriate regulatory channels.

“The Company acknowledges the continued interest of investors and market participants in its operations and performance and remains focused on delivering sustainable value through disciplined strategic execution.”

Zichis Agro-Allied Industries is an integrated agribusiness company incorporated in 2012 and converted to a public company in 2024. The Company operates across key agricultural value chains, including oil palm farming, poultry production, fish farming, animal feed manufacturing, and crop cultivation.