Presco targets acquisition of competitor

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Presco Plc, a Benin City based fully-integrated agro-industrial establishment with oil palm plantations, palm oil mill, palm kernel crushing plant and vegetable oil refining and fractionation plant has announced plans to acquire all the shares of an existing private company limited by shares and in the same line of business with the company.

In a notification to the shareholders, the Nigerian Exchange Group and the investing public signed by Patrick Uwadia Esq, Company Secretary, the company said that pursuant to the provisions of the Companies and Allied Matters Act 2020, the board of director will on Thursday 24th June 2021 hold an emergency meeting to recommend for shareholders to consider and if thought fit pass a resolution at the next general meeting of the company authorizing it to make the acquisition.

Meanwhile, the company has announced the commencement of a closed period from Wednesday 16 June 2021 until 24 hours after the decisions taken at the board meeting are released to the public.