14 October 2026 – Amalgamated Brands Limited (“AB” or “the Group”), the holding company of Cairns Foods, Cailogistics and Cailo Marketing Services, today published its Prospectus and opened its Initial Public Offering (“the Offer”) ahead of a proposed listing on the Victoria Falls Stock Exchange (VFEX).
The Offer is made at a fixed price of US$0.35 per ordinary share, the same for every investor. The base Offer of US$20 million comprises US$5 million of new shares issued by AB and US$15 million of existing shares sold by Takura, the Group’s majority shareholder. If demand exceeds the base Offer, up to a further US$9.8 million of existing shares may be offered.
Net proceeds of the new share issue, of approximately US$4.48 million after listing costs of around US$0.52 million, will go towards growth capital expenditure. Proceeds from the sale of existing shares go to Takura, not to AB.
A free float of around 30.7%
After the base Offer, new public shareholders are expected to hold 29.1% of AB and Cairns employees 1.6%, giving a free float of about 30.7%. Takura will hold 69.3%, down from 98.2%, and retain control.
Heritage brands with their own route to market
The Group traces its roots to 1947 and the incorporation of Willards Foods. Its brands include Willards, Spuds, Chompkins, Thingz, Sun Jam, Cashel Valley and Charhons, across chips and snacks, confectionery, groceries, fruit and vegetables, and beverages. AB holds market shares of 60% in mixed-fruit jam, 45% in chips and snacks, 42% in canned baked beans and 36% in loose biscuits.
Unusually, AB owns its route to market. Cailogistics delivers nationally, and Cailo Marketing Services sells and merchandises in general, informal and modern trade, using 29 containers and 75 push carts to reach informal outlets.
On a pro forma basis for the listing perimeter, which excludes Lobels Holdings, revenue for the year to December 2025 rose 33.1% to US$78.7 million, with EBITDA of US$10.5 million. More than 95% of revenue is billed in US dollars.
Investing in capacity
The new share issue forms part of a US$46.6 million capital expenditure plan for FY2026 to FY2030, including US$30.1 million of growth investment in a new biscuit line, a baked-beans plant, a snacks plant and energy supply. The board targets a dividend payout of 30% to 40% of earnings.
How to apply
Investors must read the Prospectus before applying. Applications require a CSD account with a CSD participant or stockbroker, a completed Application Form, and payment in cleared US$ funds by 12:00 CAT on 30 November 2026. The minimum application is 100 shares (US$35). Allocations will be credited to CSD accounts on 3 December 2026.
Key dates
| 14 October 2026 | Prospectus published; Offer opens |
| 30 November 2026, 12:00 | Offer closes |
| On or about 2 December | Results of the Offer announced |
| 3 December 2026 | Allocation and CSD accounts credited |
| On or about 7 December | Admission to the VFEX and first dealings |
Times are Central Africa Time. Dates may change; any change will be announced.
Notes to editors
About Amalgamated Brands Limited. Amalgamated Brands is an integrated consumer goods group, incorporated in 2018 as the holding company for Cairns Foods (manufacturing), Cailogistics (logistics and distribution) and Cailo Marketing Services (merchandising and sales).
Advisers. Transaction Advisor and Lead Sponsor: MMC Capital Advisory. Co-Sponsoring Brokers: Imara Edwards Securities, Morgan & Co and Old Mutual Securities.
Important. This announcement is for information only and is not an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction where that would be unlawful. Applications may be made only on the basis of the Prospectus dated 14 October 2026, which is the sole legal document for the Offer. Past performance is not indicative of future results. The value of shares can fall as well as rise. If in doubt, consult your stockbroker or other professional adviser.
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