Presco Plc has won a major legal battle that removes a key obstacle surrounding its corporate actions and capital-raising plans. The Court of Appeal in Benin ruled in Presco’s favour on August 21, setting aside a December 2025 judgment and discharging the interlocutory orders that had affected the company.
The ruling means Presco’s August 19, 2025 AGM resolutions and SEC-approved rights issue remain valid and effective, according to the company’s latest disclosure. The development is significant because Presco has been using the capital raise to strengthen its balance sheet and support its expansion strategy.
Presco’s broader expansion includes its proposed acquisition of 100% of SIAT Nigeria Limited, a related party owned by SIAT SA, with the transaction requiring shareholder approval. The company has also been expanding its processing capacity, including plans for a new 100-tonne-per-day fractionation plant, packaging facilities and a biogas plant.
For shareholders, the court decision removes an important legal uncertainty around Presco’s previously approved corporate actions. However, the proposed acquisition remains subject to the applicable approval process.
Investors should now watch for Presco’s next AGM date, progress on the SIAT Nigeria acquisition and execution of its expansion programme, as these will determine whether the legal victory translates into further operational growth.
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