WATCH THE VIDEO HERE An agro-industrial company in Nigeria, Presco Plc, is planning to raise about N100 billion from the local capital market for the acquisition of oil palm firm in Ghana. Presco, in a notice to the Nigerian Exchange (NGX) Limited, said the funds would be sourced from the sale of corporate bonds to investors. It was disclosed that the debt instrument would be issued next month, with proceeds specifically for the purchase of Ghana Oil Palm Development Company (GOPDC) Limited. The company further said a part of the funds from the N100 billion bond sale under its N150 billion bond issuance programme would be used to expand its operations to deliver more value to shareholders. Already, all the necessary regulatory approvals, including from the Securities and Exchange Commission (SEC), have been obtained. Presco stated in the notice signed on behalf of the company secretary, Abdulai, Taiwo & Co. Solicitors, by Mr Alayo Ogunbiyi, that the exercise will begin on Friday, January 10, 2025. “Presco Plc has obtained approval of its board of directors to access medium to long-term debt funding from the domestic capital market of up to N100 billion series 1 bond under its N150 Billion bond programme. “All the relevant approvals from the Securities and Exchange Commission, in respect of the issuance, have been received. The bond issue commences immediately to close on Friday, January 10 2025. “The proceeds of the funds will be applied towards funding the acquisition of Ghana Oil Palm Development Company (GOPDC) Limited and expansion on existing operations by Presco Plc,” the statement read.
Presco to Sell N100bn Bond for Ghana Oil Palm Development Acquisition
