SIAT Group has announced its decision to consolidate its edible oil business in Ghana and Nigeria under Presco PLC.
This move, driven by opportunities in the market, aims to make the consolidated business the market leader in sustainability, profitability, and size within sub-Saharan Africa.
The restructuring will integrate Ghana Oil Palm Development Ltd (GOPDC), Presco Plc (Presco), and Siat Nigeria Limited (SNL) under Presco Plc.
This strategic realignment is expected to enhance GOPDC’s financial strength, enabling significant business expansion in Ghana.
Specifically, the strategy aims to increase palm cultivation from the current 60,000 hectares to 100,000 hectares, broadening the customer base and market reach.
Presco, SNL, and GOPDC will remain associate companies within the SIAT Group, continuing to benefit from the group’s technical and management expertise.
SIAT Group assured that all obligations will be met promptly to ensure normal business operations are unaffected.
“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,” parts of the statement read.
The implementation of this consolidation strategy is subject to regulatory approvals in both Ghana and Nigeria.