• Monday, July 22, 2024
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SIAT consolidates edible oil business under Presco in expansion drive

Golden Terra Oil promotes healthier cooking practices

The Societe d’Investissement pour l’Agriculture Tropicale NV (SIAT Group) has announced the consolidation of its edible oil businesses in Nigeria and Ghana under Presco Plc- a fully-integrated agro-industrial company, in a strategic restructuring indicative of the company’s market expansion.

With this decision, Ghana Oil Palm Development Ltd (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 subsidiaries of the group.

With a focus on sustainability, market advantage, and leadership, the group’s new business structure aims to drive the long-term growth of its assets and customer base across West Africa.

“Our goal has been to adopt a holistic outlook on the industry to create and expand opportunities within the market,” said Felix Nwabuko, group chief executive officer of SIAT NV Group in a statement.

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“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,” 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,” he noted.

According to him, key component to the organisation’s business growth is to remain connected, but not coalesced. He appreciated 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.”

Still operating as subsidiaries 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.

The realignment of the companies is in line with SIAT Group’s strategic expansion plans to enhance the company’s financial strength, attract investor interest, and maximize impact for its stakeholders.

Subject to meeting regulatory requirements in Ghana and Nigeria, the consolidated Presco Plc. will bridge supply gaps within the African market to fuel industry growth and leverage market opportunities as a collective.

The restructuring will 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.

Highlighting SIAT Group’s growth goals within Africa’s palm oil and natural rubber sectors, this consolidation strengthens the company’s leadership in environmentally, financially, and socially progressive business decisions that benefit stakeholders and contribute to a better world.