Business News of Thursday, 6 June 2024
Source: thebftonline.com
Oil Palm Dev’t Company acquired in US$125m deal
Presco will make an initial deposit of US$64.9million, with the balance to be settled in future
Nigerian oil palm company Presco Plc. has acquired a 100% stake in the Ghana Oil Palm Development Company (GOPDC) for $124.9 million, with an initial payment of $64.9 million.
The deal aims to diversify Presco's currency exposure as GOPDC generates 41% of its revenue from exports.
Presco's acquisition is expected to increase its plantation size by 19%, enhance market share, and optimize resource utilization. Despite the ownership change, job losses at GOPDC are not anticipated, though management changes may occur.
GOPDC operates in Ghana’s Eastern Region with significant production facilities and employs around 30,000 workers during peak seasons.
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