Nigeria, Nov. 13 -- Agro-processing firm Presco Plc has opened a rights issue through which it plans to sell 166.7 million ordinary shares to existing shareholders.

The Edo State-based producer of rubber, crude palm oil and other related products, disclosed in a regulatory filing that the shares will be issued at N1,420 per unit based on one new ordinary share for every six held as of 13 October.

Presco added that the offer, which opened on Wednesday, 12 November, will close on Tuesday, 2 December.

Presco stated that it intends to utilise the cash mobilised from the capital raise programme to finance greenfield and brownfield acquisitions, some of which are at their final contractual stages.

Part of the capital will also help the comp...