Presco Plc held a formal signing ceremony yesterday, as part of the arrangements to raise N237 billion through a rights issue to existing shareholders.

The rights Issue follows the shareholder approval received at Presco’s yearly general meeting held on August 19, 2025, providing existing shareholders with the opportunity to increase their equity holdings in the company, thereby reinforcing their participation in Presco’s long-term vision.

The capital raised will be deployed towards augmenting working capital to support operational efficiency and scalability, financing strategic acquisitions, including targeted investments in complementary agribusinesses in the agro-allied sector, and establishing a financial buffer to drive both domestic and international expansion initiatives.

Under the terms of the offer, Presco Plc will issue 166,666,667 ordinary shares of 50 Kobo each at an issue price of N1,420 per share, based on one (1) new ordinary share for every six (6) existing ordinary shares held. The Qualification Date for determining eligible shareholders is October 13, 2025.

At the signing ceremony, MD/CEO of Presco Plc, Reji George, stated: “This Rights Issue marks a pivotal moment in Presco’s journey. It enables us to consolidate our leadership in the agro-industrial sector, fund strategic acquisitions, provide needed working capital and reinforce our balance sheet to pursue local and international business expansions.”

We are committed to building long-term value for our shareholders and contributing meaningfully to Nigeria’s food security and industrial growth.”

The lead issuing house for the Rights Issue is Rand Merchant Bank Nigeria Limited, with joint issuing houses including Coronation Merchant Bank Limited, Afrinvest Capital Limited, CardinalStone Partners Limited, FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, Greenwich Merchant Bank Limited, SCM Capital Limited and Stanbic IBTC Capital Limited.