- Zagadat Capital Buys 17.31% Stake in Intravenous Infusions
Zagadat Capital GH. Ltd, an investment firm linked to Nigerian musician and entrepreneur Oluwatosin “Mr Eazi” Ajibade, has acquired a 17.31 per cent stake in Intravenous Infusions PLC, marking one of the most notable recent equity moves on the Ghana Alternative Exchange.
The acquisition gives Zagadat Capital a major position in the Ghanaian pharmaceutical manufacturer, which is listed on the GAX under the ticker IIL. Intravenous Infusions PLC manufactures intravenous fluids, saline solutions and other pharmaceutical products for the domestic healthcare market.
According to a substantial shareholding notification issued last week, Zagadat Capital acquired 47,514,775 shares in Intravenous Infusions PLC. The company’s total issued share capital stands at 274,410,000 shares, making the acquired block equivalent to 17.31 per cent of the company.
The transaction was executed through a series of open-market purchases on the floor of the Ghana Alternative Exchange, with Laurus Africa Securities acting as the licensed dealing member for the trade.
The move comes shortly after the publication of Intravenous Infusions PLC’s 2025 annual report and signals growing investor interest in Ghana’s indigenous pharmaceutical and healthcare manufacturing space.
Zagadat Capital said the shares were accumulated as part of a deliberate long-term investment strategy focused on expanding the domestic healthcare supply chain. The firm said it sees Intravenous Infusions PLC as a structurally important company within the West African healthcare ecosystem.
The acquisition is significant for Ghana’s capital market because it combines three important themes: renewed activity on the GAX, investor appetite for domestic manufacturing, and the increasing interest of African private capital in healthcare and pharmaceutical production.
Intravenous Infusions PLC occupies a critical position in Ghana’s healthcare supply chain. Its products serve hospitals, clinics and other medical facilities, making local production important for health security, supply reliability and import substitution.
For Ghana, the investment also comes at a time when policymakers are seeking to strengthen local manufacturing, reduce dependence on imported essential medicines and build stronger industrial capacity within health-related value chains.
Zagadat Capital, however, has clarified that the acquisition is not intended to trigger a takeover or destabilise the company’s existing governance structure. The firm said its entry into the shareholder base is meant to support long-term growth and maximise value for all stakeholders.
That clarification is important because a 17.31 per cent stake gives the investor meaningful influence, even if it does not confer control.
The notification was filed in compliance with the Securities Industry Act, 2016, Act 929, and Ghana Stock Exchange rules, which require public disclosure when an investor crosses significant shareholding thresholds in a listed company.
The transaction could also sharpen market attention on Intravenous Infusions PLC, whose shares have been among the active counters on the local bourse in recent trading sessions.
This deal may be read as a vote of confidence in the long-term prospects of Ghana’s pharmaceutical manufacturing sector. For Intravenous Infusions PLC, the entry of a strategic long-term investor could support visibility, market confidence and future growth discussions.
The larger question is whether this type of private capital can help deepen Ghana’s manufacturing base beyond traditional sectors and support companies that provide essential goods for the domestic and regional market.
Zagadat Capital’s move has placed Intravenous Infusions PLC firmly in the spotlight not only as a listed company, but as a potential marker of renewed investor interest in Ghana’s healthcare industrial capacity.
