Presco Plc said it has started selling shares to exiting shareholders at N1,420 per share to raise approximately N236.67 billion in capital to expand its operations.
The palm plantation and processing company announced this in a statement on Wednesday, November 12, signed by its company secretary, Frederick Ichekwai.
It explained that it has opened a Rights Issue of 166,666,667 ordinary shares of N0.50 each at N1,420 per share based on one new ordinary share for every six ordinary shares held as at October 13, 2025.
The offer, which opens today, Wednesday, will close on Tuesday, December 2, 2025.
“The capital raised will be directed towards Greenfield and Brownfield acquisitions, some of which are already in their final contractual stages, as well as industrial expansion projects designed to enhance production capacity and reinforce the Company’s leadership in the region’s edible oil industry,” Presco said.
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Pinnacle Daily reports that a Rights Issue is an offering of rights to a company’s existing shareholders that allows them to buy additional shares directly from the company at a discounted price rather than buying them in the secondary market.
Check on stock market data shows that Presco’s shares traded at N1,450 per share on Wednesday on the floor of the Nigerian Exchange Limited (NGX).
According to Presco, the Rights being offered are tradable on the floor of the NGX for the duration of the Acceptance Period.
“Shareholders are encouraged to participate through the NGX Invest platform, which can be accessed at https://invest.ngxgroup.com,” the company stated.
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It said shareholders can also participate in the Rights Issue by completing the paper participation form.
It noted that completed participation forms together with payment/evidence of payment for the full amount payable should be submitted no later than Tuesday, December 2, 2025, to any of the Issuing Houses or any of the receiving agents listed in the rights circular.
“The Rights Issue provides existing shareholders with the opportunity to increase their equity holdings in the company, thereby reinforcing their participation and support of Presco’s long-term vision.
“Shareholders are advised to contact their stockbrokers for more details about the Offer,” Presco added
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
