Capital Market
Ellah Lakes Prolongs Public Offer as Investor Appetite Surges
Ellah Lakes Plc has extended the deadline for its ongoing public offer as investor interest continues to surge. The offer, originally set to close on December 5, will now remain open until December 19 following regulatory approval.
The company is seeking to raise capital through the sale of 18.8 billion ordinary shares at ₦12.50 each as part of its broader expansion and restructuring strategy within the agricultural sector.
Company officials said the extension is intended to allow wider participation from investors supporting Ellah Lakes’ mission to strengthen food production and agricultural processing across Africa.
In recent months, the agribusiness firm has undertaken several major corporate actions aimed at scaling its operations. During an Extraordinary General Meeting held in July, shareholders approved critical resolutions including:
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• The acquisition of a large agricultural asset expected to significantly expand the company’s operational capacity.
• Authorization to raise up to ₦250 billion in new equity to fund the acquisition and other strategic projects.
• An increase in the company’s authorized share capital to support future issuances.
According to management, these initiatives could add as much as ₦200 billion to the company’s balance sheet and fuel significant revenue growth by 2026.
In October, Ellah Lakes reached an agreement to acquire 100% of Agro-Allied Resources & Processing Nigeria Limited (ARPN), adding more than 11,000 hectares of cultivated farmland—primarily oil palm and cassava—along with an additional 10,000 hectares of uncultivated land. Many of the oil palm trees are already nearing peak production age, which is expected to boost output and enhance the company’s vertically integrated model.
To finance this expansion, the company launched its public offer on November 10, targeting ₦235 billion through the issuance of 18.8 billion new shares. Net proceeds are earmarked for the ARPN acquisition, operational scale-up, and working-capital needs.
The extended deadline gives investors additional time to participate in what the company describes as a transformative phase that will reshape its production footprint and accelerate future earnings.
