The Board of Societe d’Investissement pour l’Agriculture Tropicale nv. sa. (SIAT GROUP) has restructured and consolidated its edible oil business in Ghana and Nigeria (Ghana Oil Palm Development LTD (GOPDC), Presco Plc (Presco) and Siat Nigeria Limited (SNL).
The new group which will be called Presco Plc has come about based on the opportunities reviewed from the market and also forms part of effort to make its consolidated edible oil business the undisputed market leader in terms of sustainability, profitability and size in sub-Saharan Africa.
The restructuring will, among other goals, support GOPDC with a bigger balance sheet that can drive business expansion in Ghana, to support the group strategy to increase palm cultivation under 60,000ha at present to 100,000ha and expand our customer base.
Presco, SNL and GOPDC remain SIAT GROUP associate companies that will continue to benefit from the SIAT GROUP Technical and Management excellence, and all obligations will continue to be met as and when due, so as normal business is not affected in any way.
This strategic move is designed to deliver enhanced long-term value to GOPDC by providing a strong platform for growth that can help bridge the supply gap in the local market and economy in line with its strong commitment to growing its franchise further in Ghana.
The implementation of this strategy is contingent upon meeting all regulatory requirements in both Ghana and Nigeria.
We are confident that this consolidation will significantly benefit all stakeholders involved, and we look forward to the continued success and growth of our business.
