Presco PLC's Rights Issue Oversubscribed by 103% Amid Strong Investor Demand
Presco PLC, Nigeria's largest oil palm producer, successfully completed a rights issue with a 103% subscription level, indicating robust investor confidence. The oversubscription follows the company's announcement of raising N237 billion for expansion plans and strategic acquisitions in the agribusiness sector.
Notably, Presco acquired a 100% equity stake in GOPDC and Saro Oil Palm Limited for $171.6 million, expanding its operations. The company's impressive financial performance, with a 114% profit surge in nine months, further reinforces investor trust in its future prospects.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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