Presco is an agro-industrial company. The firm is engaged in the development of oil palm plantations, palm oil milling, palm kernel processing and vegetable oil refining. It specializes in the cultivation of oil palms and in the extraction, refining and fractioning of crude palm oil into vegetable oil and palm stearin.
The company was one of the top three gainers in March 2022 due to its acquisition of SIAT Nigeria Limited (SNL), a private company, that also operates in the agricultural sector for N23 Billion cash consideration. Although, the firm’s press release was a proposal to acquire the company and also seeking request from its shareholders to approve the proposal, however, the firm’s latest 2021 full-year results reveal the company had already paid out N23 billion in cash for the acquisition of SIAT Nigeria Ltd and included it as an investment asset in its balance sheet, suggesting that its request for shareholders to approve the proposal is merely a request to rubber-stamp a deed that had already been carried out.
For the month of March, the company’s share price grew by 27.88%, from N104 at the beginning of the month to N133 at the end of the month. The firm is trading at its 52-week high, a price point it has not traded before, meaning that its share price is in price discovery.
The company has shares outstanding of 1,000,000,000 units and a total market capitalization of N133,000,000,000.00, using its current market price as of yesterday’s close.
Other stocks with significant appreciation include;
On the decliners side, we have NIGERINS losing 33.33% leading the charge. This is followed by RTBRISCOE and LEARNAFRCA losing 30.59% and 24.90% respectively.
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