May 28, 2025/FSDH Capital
FSDH Capital Limited is pleased to inform you of the EXTENSION of the Zeenab Foods Limited (“Zeenab” or “ZFL” or the “Issuer”) up to ₦10.0 Billion Series 4 Commercial Paper Notes under its ₦20 Billion Commercial Paper Programme. The Offer is STILL OPEN and scheduled to close on Friday, 30 May 2025. 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 Paddy Rice: The rice mill has an installed rice milling capacity of 120 metric tonnes (MT) per day with an average annual utilization of 84%. The Company plans to double its current rice milling capacity in 2025 to grow its share of the rice market in Nigeria. Export of Processed and Packaged Agro Commodities: Zeenab exports items 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 like the United Nations World Food Programme (UN WFP ), which the agency uses 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 paddy rice, unprocessed beans, millet, sorghum, and ginger among others, which are sourced through aggregators and direct offtake agreements with farmers. ZFL owns two factories located in the Federal Capital Territory (Abuja) and Kano State. In 2022, Zeenab Foods was appointed the operator of the Nigerian Export House in China and recently commissioned a liaison office in Lagos to drive export volumes. As part of the company’s long-term strategy to boost financial flexibility and strengthen its competitive advantage in the sector, ZFL is planning to raise funds from the Nigeria Debt Market via the Issuance of Commercial Papers. This will support the company’s short-term capital and funding requirements, enabling the company to buy paddy rice and other agro commodities for export. Financial Highlights: |
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The Company has demonstrated an excellent track record of fulfilling its obligations at maturity. The following Commercial Papers (CP) have been successfully redeemed:
Guardian: Zeenab Foods Announces Successful Redemption of ₦1.6 Billion Series 1 CP Leadership: Zeenab Foods Redeems ₦1.6bn Series 1 Commercial Paper
Please find below a summary of the Commercial Paper Issuance: |
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*Kindly note that this offer is limited to Qualified Institutional Investors and the yield payable on the Note is subject to Withholding Tax (WHT) except for exempted investors.
Please refer to the documents in the link for your appraisal of the offer:
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