Share subscription
Project-company shares
Entry into the capital of ZEIAQUA-INDUSTRIE SA by subscribing for shares, alongside the founding sponsors, under the shareholders' agreement.
Investors and partners
Investing in PROAQUI
About FCFA 63.9 billion cumulative CAPEX over four phases · Phase 1 pilot then international Afreximbank architecture · Phase 1 financial closing targeted for mid-2027.
The opportunity
An industrial aquaculture project of regional leadership
PROAQUI mobilizes about FCFA 63.9 billion of cumulative CAPEX over four phases to produce, at full capacity, 45,090 tonnes of fish per year in Cameroon, within a vertically integrated and globally aligned value chain. The four-phase structure, starting from a Phase 1 pilot capped at FCFA 17.3 billion, enables a controlled ramp-up and progressive lender exposure.
At full capacity (Year 10), the project targets consolidated revenue of FCFA 110 billion, an operating EBITDA of FCFA 28.6 billion (26.2% margin), a net income of FCFA 13.0 billion (11.9%) and a Weighted Average Cost of Capital (WACC) of 7.8%. The project delivers a net present value of FCFA 77.7 billion, an internal rate of return of 23.9% (37.0% on equity) and a DSCR of at least 2.23x (4.15x on average). PROAQUI's output would represent about 8% of CEMAC fish demand, confirming the absence of local market saturation risk and the relevance of the CEMAC export strategy to absorb additional Phase 2 volumes.
Key financial indicators
| Cumulative CAPEX (10 years) | ≈ FCFA 63.9 billion |
| Phase 0 — maturation (2023 → mid-2027) | Self-funded — in-kind contributions |
| Phase 1 — pilot (Q3 2027 → Q3 2029) | FCFA 17.3 billion — financing requirement |
| Phase 2 — structuring (Q3 2029) | FCFA 15.9 billion — Afreximbank MLA |
| Consolidated revenue Yr 10 | ≈ FCFA 109 billion |
| Operating EBITDA Yr 10 | FCFA 28.6 billion (26.2%) |
| Net income Yr 10 | FCFA 13.0 billion (11.9%) |
| NPV (FCFF discounted at 7.8% WACC) | + FCFA 77.7 billion |
| Project IRR (on FCFF) | 23.9% |
| Equity IRR (FCFE) | 37.0% |
| DSCR — debt service coverage | minimum 2.23x · average 4.15x |
| Payback (cumulative FCFF positive) | Year 7 (2034) |
| WACC | 7.8% |
| Phase 1 financial closing target | mid-2027 |
Phase 0 · Preparatory phase (2023 → mid-2027) — ongoing
Studies, maturation and financial structuring. Under way since 2023 and still ongoing, Phase 0 is fully self-funded by ZEIDEAL GROUP SAS through in-kind contributions. It concludes at the Phase 1 financial close (mid-2027) and precedes the financial trajectory below.
Financial trajectory by phase
Consolidated aggregates in FCFA million (financial model, Ref. ZG-DAF-2026-MF-001).
| Aggregate (FCFA m) | Phase 1 | Phase 2 | Phase 3 | Phase 4 — full capacity |
|---|---|---|---|---|
| Production (tpa) | 5,049 | 15,098 | 28,074 | 45,090 |
| Revenue | 10,229 | 36,543 | 67,951 | 109,137 |
| Operating EBITDA | −153 | 10,002 | 18,915 | 28,637 |
| EBITDA margin | −9.7% | 27.6% | 28.1% | 26.2% |
| Net income | −1,539 | 4,240 | 8,343 | 12,972 |
| Net margin | −15.0% | 11.6% | 12.3% | 11.9% |
The project reaches profitability from Phase 2; the Phase 1 pilot establishes industrial proof of concept. Phase 4 corresponds to full capacity (45,090 tpa, by Year 10) in stabilized regime, with the full attractive HR grid (payroll FCFA 10.73 billion) — the canonical “full capacity / Year 10” used across all documents.
Downloads
PROAQUI Documents
Presentation brochure — 15 pages detailing the opportunity, the integrated model, the production trajectory and the financial indicators.
Investor pitch deck — 28 slides covering the investment thesis, the project architecture and the funding round.
Due diligence documentation
Secure Data Room
Qualified lenders can access the PROAQUI Data Room under non-disclosure agreement (NDA). Available documents:
- Comprehensive PROAQUI Business Plan
- Detailed financial model (Monte Carlo sensitivity analyses)
- Lender Information Memorandum
- Technical specifications by work package
- Species recommendation note
- Expert analysis of Mbakaou and Nyong aquaculture sites
Preview
Read the brochure online
View the pitch deck online
Financing round structure
A two-tier financing architecture
PROAQUI financing is structured in two tiers and deployed across four phases. The Phase 1 pilot (≈ FCFA 17.3 billion) relies on three sources: the project company's equity, BC-PME (via PIISAAH) and Banco do Brasil (PROEX). From Phase 2 (≈ FCFA 15.9 billion) onward, the architecture becomes international and structuring, arranged by Afreximbank as sole Mandated Lead Arranger, across six complementary tranches. Phases 3 (≈ FCFA 19.1 billion) and 4 (≈ FCFA 18.9 billion) extend this architecture, their requirement being largely covered by the EBITDA generated by operations.
| Phase | Financing requirement | Coverage |
|---|---|---|
| Phase 1 — pilot | ≈ FCFA 13.0 bn | Equity, BC-PME (PIISAAH) and Banco do Brasil (PROEX) |
| Phase 2 — structuring | ≈ FCFA 16.6 bn | Afreximbank MLA + DFIs + ECAs + sovereign + equity |
| Phase 3 — expansion | ≈ FCFA 24.3 bn | Phase 2 architecture; largely self-financed by EBITDA |
| Phase 4 — full capacity | ≈ FCFA 25.3 bn | Self-financing dominant + lender balances |
Programme CAPEX: FCFA 63.9 billion across the four phases. The total financing requirement, net of progressive self-financing, amounts to ≈ FCFA 71.2 billion — most of Phases 3 and 4 being covered by the EBITDA generated.
| Lender | Phase / Role | Status |
|---|---|---|
| Equity — project company | Phase 1 — sponsor equity contribution | Sponsor commitment |
| PIISAAH BC-PME | Phase 1 — reference lender | Mobilization underway |
| Banco do Brasil — PROEX | Phase 1 — buyer's credit, equipment | Mobilization underway |
| Afreximbank | Phase 2 — sole Mandated Lead Arranger | Prospective arranger |
| AfDB + BDEAC | Phase 2 — multilateral DFIs | Plaine Centrale framework |
| Proparco/AFD + UNCDF | Phase 2 — bilateral DFIs | Prospective |
| UKEF + EKSFIN + PROEX | Phase 2 — syndicated OECD ECAs | Prospective |
| Republic of Cameroon — sovereign tranche | Phase 2 — public counterpart (Plaine Centrale) | Plaine Centrale framework |
| Sponsor equity + Africa funds | Phase 2 — own funds | Committed |
Partner testimonials
They support the project
Partner testimonials (CODAM, EDC, public authorities) to be published once agreements are formalized and with the explicit consent of those involved.
Fundraising team
Your dedicated contact
Chief Financial Officer
Zeideal Group SAS' CFO leads the entire fundraising process and is the single point of contact for lenders during pre-due diligence, in-depth due diligence, term sheet negotiation and closing.
Email: investors@zeidealgroup.com
Response commitment: within 24 working hours