One of the newest members of the Nigerian Exchange (NGX) Limited, Zichis Agro-Allied Industries Plc, has confirmed its intention to approach the capital market to raise funds, subject to shareholder and regulatory approval.
However, it denied reports suggesting it’s “set to undertake an Initial Public Offering (IPO) or related capital raising activity.”
In a notice on Monday, the firm affirmed proposing “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 finalised, and no specific transaction has been concluded,” a part of the statement signed by the company secretary, Solomon Itsede, stressed.
Zichis expressed its commitment to upholding “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,” it said, advising shareholders and the investing public “to rely solely on official disclosures and filings made by the company through the NGX and other authorised regulatory platforms when making investment decisions.”
Zichis welcomed the “continued interest of investors and market participants in its operations and performance,” promising to remain focused on delivering sustainable value through disciplined strategic execution.
It also lauded the continued support of its shareholders, saying it remains committed to maintaining transparency in all its communications.