Presco Plc (NGX: PRESCO), a leading agro-allied company, has submitted an application to the Nigerian Exchange Limited (NGX) for the approval and listing Rights Issue, aiming to raise approximately ₦236.7 billion.
This is according to a Market Bulletin issued by NGX Regulation Limited and signed by the Head of the Issuer Regulation Department, Godstime Iwenekhai. Trading License Holders.
Offer Details
The proposed offer involves 166,666,667 ordinary shares of 50 Kobo each at an issue price of ₦1,420 per share. On Friday, Presco’s stock price closed at N1,480 per share on NGX.
The terms of the Rights Issue are set at one (1) new ordinary share for every six (6) existing ordinary shares held by shareholders as at the qualification date.
The Qualification Date for the issue was set for Monday, 13 October 2025.
Read also: VFD Group Unveils Details of N50 billion Rights Issue
NGX noted that it received the application through Presco Plc’s stockbrokers, which include CardinalStone Securities Limited, Dunbell Securities Limited, Meristem Stockbrokers Limited, and Stanbic IBTC Stockbrokers Limited.
The transaction is expected to significantly impact Presco’s capital structure and could potentially be utilised to fund expansion projects, reduce debt, or improve working capital.
This will also increase the company’s outstanding shares which currently stood at 1,000,000,000 to 1,166,666,667 if fully subscribed.
The company’s Market Capitalization currently stands at N1.48 trillion.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
