Presco Plc said its recent rights issue was 103 per cent subscribed, highlighting solid investor backing and confidence in the company’s strategic direction and growth outlook.
A fully integrated edible oils and fats company, Presco, announced this in a statement on Wednesday, signed by its Secretary, Frederick Ichekwai.
It stated that the Rights Issue attracting demand in excess of the offer size, underscores sustained investor appetite for its equity and a clear willingness by shareholders to increase their investment in the business.
“The oversubscription is particularly noteworthy in a cautious capital-market environment characterised by tightening liquidity and selective investor participation.
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“Against this backdrop, Presco Plc’s ability to exceed its offer size highlights the depth of confidence it continues to command among institutional investors, pension fund administrators, and retail shareholders,” Presco stated.
According to the oil palm company, market participants view the strong response as a clear endorsement of its business fundamentals, disciplined execution, and strengthened governance.
“The outcome reinforces confidence in the Company’s operational resilience, integrated business model, and ability to continuously deliver on its commitment to sustainable long-term value,” Presco maintained.
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It stressed that beyond signalling investor confidence, the successful Rights Issue strengthens the company’s financial position, providing greater balance-sheet capacity to support business expansion and disciplined strategic execution.
“Overall, the oversubscribed Rights Issue further consolidates Presco Plc’s standing as a credible and well-regarded issuer within the Nigerian capital market.
“The strong participation underscores confidence not only in the Company’s current performance, but also in its long-term vision and growth trajectory,” it added.
Pinnacle Daily reported that on Wednesday, November 12, Presco opened a Rights Issue of 166,666,667 ordinary shares of N0.50 each at N1,420 per share to its existing shareholders.
The offer was based on one new ordinary share for every six ordinary shares held as at October 13, 2025.
The offer was to enable the company to raise approximately N236.67 billion in capital to expand its operations.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
