Post Views: 118 The board of Union Dicon Salt Plc, on Monday announced major internal restructuring of its activities in what is expected to enable it...
The board of Union Dicon Salt Plc, on Monday announced major internal restructuring of its activities in what is expected to enable it compete better in its core area of salt packaging and sales, as well as further forage in the nation’s fledgling agri-business space.
A notice to the Nigerian Stock Exchange said the restructuring would see Col. (Rtd) Henry Mgbemena, reverting to the role of Managing Director, a position he once held in acting capacity; while Mrs. Florence Iroye remains company secretary.
Also resolved at a November 14, 2017, board meeting of the company, is the proposed incorporation of UDS Farms Limited to run the agribusiness operation of the group.
Subsequently, the statement jointly signed by Iroye and Megbema, explained that Chuka Mordia and Bekuochi Nwawudu, formerly joint managing directors of Union Dicon Salt, representing CBO Partners, the core minority shareholder, would transit to UDS Farms Limited where they are expected to oversee and expanding its operation.
In a 2013 deal that valued the company at N8.4bn, CBO Capital Partners acquired 41 million ordinary shares of UDS and also simultaneously acquired an option to purchase additional 240m ordinary shares for a consideration of N3.36bn, in addition to a management contract to turnaround UDS, which was established in 1984 as Dicon (Defence Industrial Corporation of Nigeria) Salt Company of Nigeria Ltd.