Zichis Agro-Allied Industries Plc will seek shareholders’ approval to raise additional capital through equity and debt financing at its first Annual General Meeting (AGM) after listing, as the company targets expansion across its core business segments.
This was disclosed in a statement released by Zichis Agro-Allied Industries Plc on Wednesday, April 29, 2026, and made available to Nairametrics.
The proposed capital raise, which is subject to regulatory approvals from the Securities and Exchange Commission and the Nigerian Exchange Limited, will be considered as part of special business at the AGM scheduled for April 30.
What they are saying
The company noted that deliberations at the AGM will center on its expansion strategy, funding plans, and operational outlook following its recent listing on the NGX Growth Board.
The discussions are expected to shape the company’s next growth phase across its agribusiness value chain.
- “Shareholders will consider authorising the company to raise additional funds through public offers, rights issues, debt instruments, or a combination of both, subject to regulatory approvals,” the company stated.
- “The meeting will also consider other critical matters around scaling operations amid continued expansion by the company across poultry, feed milling, aquaculture, and oil palm cultivation,” it added.
The company emphasized that the capital raise aligns with its long-term growth strategy and ongoing efforts to scale production capacity and operational efficiency.
More insights
Zichis has continued to expand its operational footprint, particularly in feed production and livestock farming, as it positions itself for sustained growth. The company recently increased its feed milling capacity from 2 tonnes per hour to 5 tonnes per hour to boost efficiency and output.
- Its poultry operations currently include over 30,000 layers dedicated to egg production.
- It also maintains brooding operations with more than 20,000 day-old chicks and growers.
- The aquaculture segment spans over 22 earthen ponds, contributing to diversified revenue streams.
These operational expansions are expected to be supported by the planned capital raise, reinforcing the company’s scale and competitiveness in Nigeria’s agribusiness sector.
Get up to speed
The upcoming AGM marks the company’s first since listing by introduction of 600 million shares at N1.81 per unit on the NGX Growth Board on January 20, 2026. Since then, the company has recorded significant financial and market milestones.
- It reported a pre-tax profit of N241.4 million for the first quarter of 2026, up from N30.5 million in the corresponding period of 2025.
- Revenue surged by 256% year-on-year to N420.0 million from N118.1 million.
- Profit after tax rose by 819% to N228.9 million despite a 94% increase in cost of sales to N112.4 million.
- The stock price was adjusted to N8.58 after dividend and bonus issuance, but has since risen to about N19.80 as of April 29, 2026.
- Trading was temporarily suspended in February 2026 following allegations of price manipulation, but investigations by NGX found no wrongdoing.
The company’s audited results for the year ended December 31, 2025, which were earlier released to the NGX supported the dividend payout of 20 kobo per share alongside a bonus issue of one share for every share held.
What you should know
Nairametrics had reported that the company planned to float an initial public offer (IPO) of about 800 million units, subject to regulatory approval and shareholders’ endorsement at the forthcoming annual general meeting by the end of April.
- The stock has been in limited supply compared to very high daily demand despite a bonus distribution to shareholders on March 16, 2026, the qualifying date for the scrip issuance.
- Market operators say that the planned IPO could improve its availability without weakening its price valuation on NGX and ease supply constraints.
The planned capital raise and IPO signal the company’s ambition to strengthen its financial base while sustaining investor interest in its stock.
