Acquisition: Oak and Saffron takes 60% stakes in Presco Plc

PRESCO Plc has informed the investing community that Oak and Saffron Limited, a holding company established for oil palm, rubber and horticulture businesses, has concluded a transaction with Fimave N.V to acquire 86.7 per cent of its shareholding in SIAT N.V, which in turn holds a 60 per cent stake in Presco Plc.

According to the notice through the Nigerian Exchange Limited, the transaction was completed on Monday, March 4.

Oak and Saffron Limited informed that it intends to keep Presco Plc listed on the NGX.

The proposed acquisition is Oak and Saffron’s strategic entry into the oil palm, rubber and horticulture, underpinning the company’s long-term commitment to developing the oil palm and rubber industries in West Africa and the horticulture industry in China, Belgium and the United States.

Prescott Plc in 2023 recorded an increase in revenue of N103.14 billion from N81.03 billion recorded in 2022.

On the revenue breakdown, the company recorded expansion in its sales of crude and refined products, a 27.3 per cent year-on-year growth and mill by-products by 593.2 per cent year-on-year.

After-tax profit increased by 134.5 percent to N30.41 billion, finance cost saw a marginal decline of N8.41 billion from N8.49 billion while nance income fell to N24.08 million from N36.86 million.

READ ALSO: Senator Joel-Onowakpo calls for calm, condemns killing of soldiers in Delta