- Zeenab Foods successfully raised N25.4 billion in an oversubscribed Series 1 Commercial Paper issuance, exceeding the initial N10 billion offer.
- The proceeds will be used to fund working capital and enhance operational efficiency, reflecting strong investor confidence in the company’s business fundamentals.
- Pathway Advisors Limited and Joint Dealers played pivotal roles in the transaction, reinforcing Zeenab Foods’ credibility and consistent financial performance.
Zeenab Foods Limited, a leading agro-allied and food processing company, has successfully completed an oversubscribed N25.4 billion Series 1 Commercial Paper (CP) issuance under its newly established N50.00 billion Commercial Paper Programme.
The offer, initially set at N10.00 billion, recorded strong demand from a broad range of institutional investors, reflecting continued confidence in the company’s credit profile and business fundamentals.
This new Programme succeeds Zeenab Foods’ previous N20 billion CP Programme registered in 2024, under which the company raised up to N22 billion across multiple Series and Tranches.
All matured obligations under the previous Programme were fully redeemed ahead of their respective due dates, demonstrating Zeenab’s unwavering commitment to performance and investor confidence.
Speaking on the successful issuance, the Managing Director/CEO of Zeenab Foods Limited, Dr. Ayemere O. Victor, said “The success of this issuance reflects the strength of our business model, our operational resilience, and the trust investors continue to place in Zeenab Foods. The proceeds from this issuance will be strategically deployed to fund our working capital requirements and further strengthen our operational efficiency.”
Dr. Victor further expressed appreciation, acknowledging Pathway Advisors Limited for their professionalism and leadership as Financial Adviser, Transaction Sponsor, and Lead Arranger to this Programme, as well as the Joint Dealers for their collaboration and contribution to the success of this transaction.
Commenting on the transaction, the Founder/CEO of Pathway Advisors Limited, Mr. Adekunle Alade said: ‘’We are proud to have supported Zeenab Foods Limited on another successful CP issuance. The strong market response and oversubscription demonstrate investors’ confidence in Zeenab Foods’ financial performance, corporate governance, and creditworthiness. We appreciate the continued trust of the Board and Management of Zeenab Foods Limited in Pathway Advisors Limited.
We also express our gratitude to the Joint IPAs/Dealers involved in the transaction (AIICO Capital Partners Limited, FSDH Capital Limited, Rand Merchant Bank Limited, and Boston Advisory Limited) for their collaboration and valuable contribution to the success of this issuance.”
Mr. Alade further highlighted Zeenab Foods Limited’s impressive track record since 2024, marked by multiple successful commercial paper issuances and full redemption of all matured obligations. He noted that this consistency has strengthened investors’ confidence in the company.
Mr. Alade reaffirmed Pathway Advisors Limited’s commitment to supporting credible companies to access short and long-term funding from the Nigerian capital market
