In November 2013, following approval by the board of directors, and an AGM of the company, Union Dicon Salt plc, entered into a strategic agreement with CBO Capital, as a core investor in the company. In two phases, CBO Capital will acquire 41 million of Union Dicon Salt plc, and following completion of this, an additional 240 million in order to recapitalise the company. Following approval from the Securities & Exchange Commission and NSE, the first phase of the transaction has now been completed, and the 41,000,000 shares are being listed by the Nigerian Stock Exchange (NSE).
The Board of Directors of Union Dicon Salt agreed to CBO’s turnaround and repositioning plan to redefine its business operations for increased competitiveness, and a strategic entry into the Agricultural sector. This will see the Company harnessing opportunities for profitability along the agribusiness value chain that involves cultivation and ownership of assets and resources, and processing and packaging. Within the first year of the company’s turnaround, it has begun making investments in projects along the agricultural sector value chain. The company is on the way to achieving its goal by becoming a streamlined and efficient holding company for several agriculture businesses, and fully integrated food production/ processing opportunities.
Source : BusinessDay