Rand Merchant Bank Nigeria Limited has acted as the lead issuing house of the N236bn rights issue undertaken by Presco Plc, working closely with Presco to structure, coordinate, and execute a seamless capital raise.
This was disclosed in a statement made available to The PUNCH on Wednesday.
The Presco Plc Rights Issue is the largest non-financial services public capital raise completed in 2025. The transaction was undertaken to position the company for sustained growth and to advance its vision of becoming the most profitable, sustainable, and fully integrated edible oils group in Sub-Saharan Africa. It also supports Presco’s objective of narrowing the supply–demand gap in Nigeria’s oil palm industry.
The transaction received strong support from shareholders, with high participation from existing investors, and achieved a subscription level of 103 per cent, reflecting confidence in the company’s long-term strategy and performance.
During the rights issue, RMB Nigeria provided end-to-end deal management, providing transaction leadership, advising on deal structure, navigating complex regulatory processes under accelerated timelines, and coordinating an extensive investor engagement strategy. The transaction was completed within a four-month period from receipt of shareholders’ approval.
Speaking on the successful completion of the transaction, Executive Director & Head of Investment Banking at Rand Merchant Bank Nigeria Limited, Chidi Iwuchukwu, commented, “We are pleased to have led the successful and oversubscribed rights issue for Presco PLC, a clear testament to the market’s confidence in Presco’s growth ambitions and long-term strategy. This landmark transaction underscores the strength of Presco’s brand and reaffirms RMB’s position as a leader in delivering bold, value-enhancing capital market solutions. We extend our sincere appreciation to Presco for entrusting us with this mandate and thank the Securities and Exchange Commission, Nigerian Exchange Limited, Central Securities Clearing System, co-advisers, and their leadership teams for their collaboration in achieving this outstanding outcome.”
Head of Corporate Finance at Rand Merchant Bank Nigeria Limited, Bimbo Oyeyiga, added, “The successful completion of Presco’s rights issue marks a significant milestone in Nigeria’s agro-allied industrial sector. We are proud to have supported Presco on this landmark transaction, which is expected to strengthen its market position and reinforce investor confidence in its long-term strategy and leadership. This achievement highlights the resilience of Nigeria’s capital markets and underscores RMB’s unwavering commitment to delivering value-driven solutions that foster the growth and sustainability of Nigeria’s leading agro-allied companies.”
Presco is a player in the Nigerian agro-industrial sector, with a legacy spanning over three decades.
