The board of Presco Plc is seeking shareholder approval to acquire a 100% equity stake in Ghana Oil Palm Development Company Limited (GOPDC) for USD 124,926,600.
This was detailed in a notice filed with the Nigerian Exchange (NGX), outlining proposals that will require shareholder approval at the company’s Annual General Meeting (AGM) scheduled for August 19, 2025.
The release also stated that the board plans to acquire Saro Oil Palm Limited for USD 46,710,526, supporting its vision to become the most profitable and sustainable edible oil group in sub-Saharan Africa.
Although shareholders approved the resolution for business expansion and the GOPDC acquisition at the 2024 AGM, litigation surrounding the deal delayed its completion, prompting the board to resubmit the proposal for approval at the upcoming AGM.
Addressing shareholders, the board said:
“We respectfully invite shareholders to ratify the acquisition of GOPDC and to consider approval of the proposal to acquire SOP.”
About GOPDC
Ghana Oil Palm Development Company Limited (GOPDC), founded on December 6, 1995, is a Ghanaian agro-industrial company that handles all stages of the oil palm business, from growing to refining and distributing its products.
GOPDC, fully owned by Société d’Investissement pour l’Agriculture Tropicale (Siat SA), is connected to Presco Plc because Siat SA is a major shareholder in Presco.
The company runs two main estates in Ghana’s Eastern Region, Kwae and Okumaning, spanning around 21,000 hectares of oil palm plantations.
- GOPDC has developed 13,000 hectares for around 6,000 outgrower farmers and runs mills, a refinery, and a pellet plant, producing over 35,000 tonnes of palm and palm kernel oil each year, with storage for 21,000 tonnes.
The company employs around 30,000 workers at peak harvest and supports over 50,000 people through direct and indirect income.
Presco Plc, which began packaging “King’s” olein oil in 2012, is expanding in the oil palm sector through its acquisition of GOPDC and the proposed purchase of Saro Oil Palm Limited.
Saro Oil Palm Limited (SOP)
Saro Oil Palm Limited (SOP), founded in Nigeria in July 2019, is an agro-industrial company that grows oil palm, produces palm and palm kernel oil, makes specialty oils and fats, and distributes refined products.
SOP, fully owned by Siat SA (a major Presco Plc shareholder), started a 10,000-hectare plantation in Edo State in 2020 and expanded to 22,500 hectares by acquiring Bansley International Ltd through the Edo State Oil Palm Programme.
By January 2025, SOP had planted 5,000 hectares, aiming for 8,000 hectares by year-end. Fresh Fruit Bunch cultivation is set to start in 2026, targeting around 28,000 tonnes, and the company plans to add two palm oil mills with capacities of 60 and 30 tonnes per hour.
Presco’s planned acquisition of SOP would quickly expand its plantations from about 43,547 to 59,760 hectares by adding over 14,000 hectares of prime land, achieving in months what would normally take 3–5 years, and positioning the company for strong, long-term growth and value creation.
