Oak and Saffron Limited, a Nigerian-owned firm, has finalized the acquisition of the majority stake in the Belgian conglomerate SIAT N.V., which holds the majority shares in Presco Plc. The value of the deal remains undisclosed.
According to a corporate disclosure signed by Presco’s company secretary, Patrick Uwadia, it was revealed that Oak and Saffron Limited have obtained the 86.7% ownership stake previously owned by Fimave N.V. in SIAT Group.
The statement further highlights that SIAT Group maintains a 60% ownership stake in Presco Plc. It is also noted that the acquisition will not affect Presco’s listing on the NGX.
The statement reads, “The proposed acquisition is Oak and Saffron’s strategic entry into the Oil Palm, Rubber, and Horticulture, underpinning the company’s long-term commitment to developing the oil palm and rubber industries in West Africa and the horticulture industry in China, Belgium, and the United States.”
About Oak and Saffron Limited
Information retrieved from the Corporate Affairs Commission website indicates that Sarumi Olakanmi Rasheed, the owner of Saroafrica International, holds a significant controlling interest in Oak and Saffron Limited. Rasheed possesses a 35% ownership stake in Oak and Saffron.
Saroafrica International also holds a 65% ownership share in Oak and Saffron Limited. Saroafrica International, a conglomerate with investments in the agriculture sector, reportedly possesses assets such as Gossy Warm Springs, Saro Oil Palm, and Saro Agro-allied, among others.
What you should know
The deal implies that Presco Plc, one of Nigeria’s largest oil palm producers is now back under Nigerian ownership.
Oak and Saffron, the Holding Company, has assumed control over Ghana Oil Palm Development Ltd, an oil palm production company overseeing a 9,000-hectare industrial oil palm plantation.
Additionally, the company now oversees Compagnie Hévéicole de Cavally (CHC), which manages a 5,500-hectare rubber plantation in Ivory Coast, as well as SIAT’s subsidiary in Gabon. These entities were formerly subsidiaries of the SIAT Group.
Presco Plc controls 23,628 hectares of oil palm plantations which are domiciled in Edo and Delta States. And in FY 2024, the group reported a pre-tax profit of N43.4 billion, representing a 119% profit growth from 2022.
