Zeenab Foods Limited is pleased to announce the successful redemption and repayment to all subscribers of its N1.6bn Series 1 (Tranche A) Commercial Paper issuance under the N20bn Commercial Paper Programme approved by FMDQ Securities Exchange Limited.
The Series 1 Tranche A, Commercial Paper issued on August 1, 2024, through the FMDQ Securities Exchange, matured and was fully redeemed on September 30, 2024. The issuance is sponsored by Pathway Advisors Limited and was largely subscribed to by institutional investors.
The Company expresses its gratitude to the market for the support and confidence shown in its brand and operations. Dr. Ayemere O. Victor, Managing Director and CEO of Zeenab Foods Limited, commented on the successful CP redemption, stating, “We greatly appreciate the support and confidence of the market in our brand and are pleased to have fully redeemed and repaid all subscribers to our first Commercial Paper issuance.”
He added, “This redemption reflects the Company’s credibility, business excellence, and dedication to maintaining trust within Nigeria’s Debt Capital Market.” Dr. Victor also expressed gratitude to Mr. Adekunle Alade (FCA), CEO/Managing Director of Pathway Advisors Limited, the Financial Adviser and Lead Arranger, for the efforts in ensuring the successful issuance. Also, as well as the institutional investors for their support.
About Zeenab Foods Limited
Zeenab Foods Limited is a food processing and agro-commodity trading company established in 2011. Zeenab Foods operates three main business segments namely:
- Milling of Rice Paddy: The rice mill has an installed milling capacity of 120 metric tonnes (MT) per day. The Company plans to double its current rice milling capacity by 2025 to grow its share of the rice market in Nigeria.
- Export of processed and packaged agro commodities such as Dried Split Ginger, Cassia Tora, Sesame Seeds, Cashew Nuts, Peanuts, Cassava Chips, Gum Arabic, etc. to China and other countries.
- Food Supply Contracts: Zeenab Foods supplies grains and other agro-commodities to international donor agencies to support various humanitarian aid projects. These include Beans, Sorghum, Millet, Maize, etc.
The Company’s operation focuses on value addition and farm produce processing. The key inputs to this process include Rice paddy, unprocessed beans, Millet, Sorghum, and Ginger, which are sourced through aggregators and direct offtake agreements with farmers. Zeenab Foods owns two factories located in the Federal Capital Territory (Abuja) and in Kano State. The company was also appointed as the operator of the Nigerian Export Trade House in the China / Fareast region by the Federal Government through the Nigerian Export Promotion Council’s export expansion facility program.
Zeenab Foods Limited has been rated A by Agusto & Co and DataPro Limited. The rating reflects the Company’s strong financial performance, underpinned by good profitability, good operating cash flow position, growing export business and the prospect for foreign exchange earnings, stable, experienced, and qualified management team, good trade relationship with multi-lateral institutions as well as low leverage.
