Shareholders of Presco Plc have given approval to the board of the company to raise fresh capital of up to N250 billion.
The board was asked to source the funds “by way of rights issue, through the issuance of ordinary shares, on such other terms and conditions and at such time, as the directors may deem fit or determine.”
This was one of the major resolutions passed at the organisation’s Annual General Meeting (AGM) held in Lagos on Tuesday, August 19, 2025.
At the meeting, which was attended by stakeholders of the firm, including the management team and other, investors authorised the board to obtain the necessary regulatory approvals for the rights issue.
“Shares not taken up by existing shareholders within the period stipulated under the rights issue may be offered to shareholders of the company that have indicated interest in purchasing additional shares not taken up by the shareholders entitled to do so in the rights issue, on such terms and conditions as may be determined by the [board of] directors, subject to complying with relevant regulatory requirements,” the board was authorised at the meeting.
Also, the shareholders approved the dividend of N26.30 per 50 Kobo share amounting to the sum of N26.3 billion paid from the profit of the year ended December 31, 2023, subject to the deduction of withholding tax at the appropriate rate.
In addition, they authorised a dividend of N42.00 per 50 Kobo share amounting to the sum of
N42.0 billion from the profit of the year ended December 31, 2024, subject to the deduction of withholding tax at the appropriate rate.”
Other resolutions passed at the AGM included the re-appointment of Deloitte and Touche (Chartered Accountants) as the Independent Auditors of the company till the 2025 AGM and the appointment of KPMG as Independent Auditors in place of the retiring Auditors, who have served the maximum number of years permissible.
The board was also allowed to fix the remuneration of KPMG in place of the retiring auditors, who have served the maximum number of years.