Presco Plc held a formal signing ceremony on Thursday, as part of the arrangements to raise N237bn through a Rights Issue to existing shareholders. The Rights Issue follows the shareholder approval received at Presco’s Annual General Meeting held on August 19, 2025.
The Rights Issue provides existing shareholders with the opportunity to increase their equity holdings in the company, thereby reinforcing their participation in Presco’s long-term vision, according to a statement from the firm.
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 ₦1,420 per share, on the basis of 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, the Managing Director/Chief Executive Officer of Presco Plc, Mr 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.
The full terms and conditions of the Rights Issue will be detailed in the Rights Circular, which will be distributed directly to shareholders. The Circular will include a Provisional Allotment Letter and Participation Form outlining the procedures for subscription.
All shareholders and prospective investors are strongly advised to read the Rights Circular thoroughly. Where in doubt, they should seek guidance from their stockbroker, fund/portfolio manager, accountant, banker, solicitor, or any other professional adviser prior to subscribing.
Building on this momentum, Presco reaffirms its confidence in Nigeria’s agricultural potential and its commitment to advancing industrial-scale agribusiness that supports national food security, employment, and value addition.
