March 06, (THEWILL) — Union Dicon Salt Plc has said it is taking steps to revive its operations and meet regulatory requirements as it works to avoid being delisted from the Nigerian Exchange Limited (NGX) after years of inactivity.
In a statement signed by the company secretary, Alfred E. James, the firm disclosed that its operations had remained largely dormant for an extended period, leading to its placement on the NGX Delisting Watchlist, a category reserved for companies that have received delisting notices due to non-compliance with post-listing requirements.
The company explained that although the delisting process had been initiated, the exchange granted it a stay of action, providing management with a two-year window to address the issues that triggered the notice and restore full operational and regulatory compliance.
Union Dicon Salt also revealed that it has been unable to establish contact with its majority shareholder, Aims Limited, despite repeated attempts.
The shareholder holds 64 million shares representing about 40 per cent of the company’s issued share capital, making its involvement crucial for corporate decisions and compliance with regulatory requirements.
According to the company, the absence of communication with the major shareholder has complicated efforts to fully reposition the business and meet the obligations required to remain listed on the exchange.
Despite these challenges, management said it has begun implementing measures aimed at reviving the company’s activities.
These include the commissioning of salt and pepper production facilities with approvals from the National Agency for Food and Drug Administration and Control (NAFDAC) as well as the commencement of packaging operations for Dicon Salt and Dicon Hot Pepper.
The company also stated that it has continued to engage with other shareholders holding five per cent or more equity stakes to ensure alignment with its strategic direction as it seeks to restore normal operations.
Union Dicon Salt emphasised that the participation of its majority shareholder remains critical for decision-making processes, shareholder resolutions and voting at general meetings, noting that a 40 per cent stake typically carries significant influence in a publicly listed company.
Management reaffirmed its commitment to corporate governance, transparency and regulatory compliance, adding that it is focused on returning the company to full productivity and maintaining its status as a listed entity on the Nigerian Exchange.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
