Presco Plc, Nigerias largest fully integrated agro-industrial palm processor, chaired by Rasheed Sarumi, has announced plans to raise N237 billion 165 million through a rights issue, following approvals from shareholders, regulators, and the Nigerian Exchange. It is a new phase in Prescos effort to expand its footprint and strengthen its position in the edible oil market.
The capital raise, endorsed at the companys Annual General Meeting on Aug. 19 and cleared by the Securities and Exchange Commission and the NGX, will see 166.67 million shares offered to existing shareholders at N1,420 0.98 per share. The offer will be on the basis of one new share for every six held as of the qualifying date.
Presco eights issue to fund expansion