Presco PLC to Raise N237 Billion via Rights Issue for Agribusiness Expansion

Presco PLC, Nigeria's largest crude palm oil producer, announced a plan to raise N237 billion through a rights issue approved at its annual general meeting. The funds will be used to enhance working capital, support operational efficiency, and finance strategic acquisitions in the agribusiness sector.

The company aims to strengthen its balance sheet, pursue local and international business expansion, and provide existing shareholders with the chance to reinforce their equity positions. The rights issue involves issuing 166,666,667 ordinary shares at N1,420 per share.

Notably, Presco recently acquired a 100% equity stake in Ghana Oil Palm Development Company (GOPDC) and Saro Oil Palm Limited (SOP).