By Stanley Senya
Accra, June 21, GNA- The Board of Societe d’Investissement pour l’Agriculture Tropicale nv. sa. (SIAT GROUP) has restructured and consolidated its edible oil business in Ghana and Nigeria.
The businesses are the Ghana Oil Palm Development Limited (GOPDC), Presco Plc (Presco) and Siat Nigeria Limited (SNL))
An official communique issued and signed by Mr Samuel Ofosu Assamoah, Legal Counsel and Company Secretary, said this was in line with its business strategy of consolidation and expansion.
It said the process was under Presco Plc based on the opportunities reviewed from the market to make its consolidated edible oil business the undisputed market leader in terms of sustainability, profitability and size in sub-Saharan Africa.
The statement said the restructuring would, among other goals, support GOPDC with a bigger balance sheet that could drive business expansion in Ghana.
It said it was also to support the group strategy to increase palm cultivation under 60,000ha at present to 100,000ha and expand the customer base.
“Presco, SNL and GOPDC remain SIAT GROUP associate companies that will continue to benefit from the SIAT GROUP Technical and Management excellence, and all obligations would continue to be met as and when due, so as normal business is not affected in any way,” it added.
The statement said the strategic move was designed to deliver enhanced long-term value to GOPDC by providing a strong platform for growth that could help bridge the supply gap in the local market and economy in line with its strong commitment to growing its franchise further in Ghana.
“The implementation of this strategy is contingent upon meeting all regulatory requirements in both Ghana and Nigeria,” it said.
The statement said expressed the company’s confidence that the consolidation would significantly benefit all stakeholders involved, and “we look forward to the continued success and growth of our business.”
GNA