Futureview Asset Management Ltd. has bought 126.97 million shares of Zichis Agro-Allied Industries Plc from Chilla Entertainment Ltd., the company’s largest shareholder.
The purchase gives Futureview 10.45% of the poultry, feed and palm oil producer and makes it a new substantial shareholder.
The trade was completed on November 3, according to a notice to the Nigerian Exchange dated November 6.
At Monday’s closing price of N16.05 per share, the stake is worth about N2.037 billion, on MoneyCentral calculations. Because the existing shares changed hands, Chilla received the proceeds and the company raised no money.
Zichis shares are up 706% year-to-date.
Futureview is a fund and portfolio manager registered with the Securities and Exchange Commission. It belongs to Futureview Group.
The sale comes after a sharp rise in profits. Nine-month revenue jumped 163% to N1.22 billion and profit after tax more than tripled to N536.22 million.
Earnings per share rose to 47 kobo from 28 kobo. Eggs were the largest revenue line at N394.72 million, followed by feed at N293.93 million, palm oil at N235.53 million, chicken at N211.34 million and fish at N83.60 million.
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