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The SIAT Group, an agro-industrial organisation, has announced the consolidation of its edible oil businesses in Nigeria and Ghana under Presco Plc., a fully integrated agro-industrial company.
The strategic restructuring is indicative of the company’s market expansion drive.
With this decision, Ghana Oil Palm Development (GOPDC) and SIAT Group’s Nigerian subsidiaries, Presco Plc and Siat Nigeria Limited (SNL) will now operate as independent entities under Presco Plc – while remaining member companies of SIAT Group.
“With a focus on sustainability, market advantage and leadership, SIAT Group’s new business structure aims to drive the long-term growth of its assets and customer base across West Africa. Still operating as member companies of SIAT Group, Presco, SNL, and GOPDC will be individually supported by the company as usual.
“As associate companies, Presco, SNL and GODPC’s stakeholders will continue to merit from SIAT Group’s network of industry and technical expertise that deepens their market value and drives their evergreen, individual success,” a statement issued by the SIAT Group said.
The realignment of the companies, the statement said, was in line with SIAT Group’s strategic expansion plans to enhance the company’s financial strength, attract investor interest, and maximise impact for its stakeholders.
Subject to meeting regulatory requirements in Ghana and Nigeria, the consolidated Presco Plc. would bridge supply gaps within the African market to fuel industry growth and leverage market opportunities as a collective.
The restructuring, the statement said, would particularly elevate GODPC with a strong platform in the Ghanaian market to power the company’s economic contributions, market share, and capacity to fill commercial gaps in the local market.
“Our goal has been to adopt a holistic outlook on the industry to create and expand opportunities within the market. This strategic consolidation of our affiliates in Nigeria and Ghana – GODPC, SNL, and Presco - points to our commitment to expand the agro-allied industry within Africa,” Felix Nwabuko, Group Chief Executive Officer of SIAT NV Group, said.
He said: “We have secured a strong market position and are working in step with our subsidiaries to deepen value for our stakeholders across the board. A key component to our business growth is to remain connected, but not coalesced, and I am grateful to the leaders at GODPC, SNL, and Presco for facilitating this transition with this ethos. Following necessary regulatory requirements, we are confident Presco Plc. will continue driving sustainable growth and lucrative partnerships to advance Africa’s edible oil sector.”
