Presco Plc has notified the Nigerian Exchange and the investing public of its proposed acquisition of 100% equity stake in Ghana Oil Palm Development Company Ltd.
In an explanatory note by the Company, available on the website of NGX, Presco Plc stated thus:
In line with the Company’s responsibility to seek avenue to consolidate its leadership position and pursue opportunistic inorganic growth to achieve its vision to become the most profitable, sustainable and fully integrated edible oils group in broader sub- Saharan region, the Board of Directors and Management of the team have reached a decision to propose acquisition of 100% equity stake in Ghana Oil Palm Development Company Ltd.
The acquisition consideration will be settled in phases, with an initial consideration payment of $64,961,832 (Sixty-four Million, Nine Hundred and Sixty-one Thousand, Eight Hundred and Thirty-two Dollars) with the balance to be settled at a future time.