Union Dicon Salt Plc, (NGX: UNIONDICON) has provided a welcome update for investors, confirming the resumption of key production and packaging activities as part of its ongoing revival efforts, even as it faces challenges in reaching its majority sharehold
In an official announcement dated 5, following a bulletin posted on NGX on the 3rd of March, the company disclosed that Aims Limited holds 64 million shares, representing 40% of its issued share capital, making it the largest single shareholder.
The firm, described in reports as Brazilian-linked and tracing back to the original 1984 joint venture partners AIMS of Brazil with the Defence Industries Corporation of Nigeria, has been unreachable for an extended period due to the company’s history of dormancy, leading to its placement on the NGX delisting watchlist.
However, NGX has paused the delisting process and granted a two-year stay for management to restore full operational and regulatory compliance.
Under the new management, the company has made tangible progress.
The salt and pepper production facilities have been successfully commissioned, securing all required approvals from the National Agency for Food and Drug Administration and Control (NAFDAC).
Packaging operations for flagship Dicon Salt, refined and iodized edible salt have resumed.
Packaging for Dicon Hot Pepper has also commenced.
The board has maintained active dialogue with other substantial shareholders, that is those holding 5% or more of the equity to align on the revival strategy.
In other words, securing the majority shareholder’s engagement has become “an urgent necessity” for achieving full NGX compliance and advancing the turnaround.
About the company
Dicon Salt Limited was established in 1984. The Company was then a 60% – 40% joint venture between the Defence Industries Corporation of Nigeria (“DICON”) and its technical partners, AIMS of Brazil. By 1987, a small factory had been opened at Kirikiri Lighter Terminal in Lagos, and Dicon Salt was importing bulk salt, doing some refining processes, and selling the product through the Company’s established network.
Administrator and Writer
