Union Dicon Salt Plc has again announced that it has yet to contact its majority shareholder, Aims Limited, even as it works to reposition the company following an extended period of inactivity that left its production and operations dormant.
The company announced on Tuesday that all efforts to reach its majority shareholder, Aims Limited, proved abortive, urging the investor to reach out to its secretary or physical office at Apapa, Lagos.
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In a fresh statement posted on NGX Group and signed by its secretary, Alfred James, on Thursday, the salt producer explained that it earlier experienced a prolonged period of inactivity, further noting its efforts to return to productivity in line with the rules of Nigerian Exchange Limited.
Prolonged inactivity
Union Dicon explained that during the period of its inactivity, the NGX Group placed the company on the ‘Delisting Watchlist’, which was reserved for companies that have been served a delisting notice.
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The company noted that the delisting process was later put on hold while the company received a stay of action from the NGX Group for a defined period during which it undertakes to cure the issues that led to the issuance of the delisting notice.
It said the company management was granted a period of two years by the NGX Group to implement measures aimed at restoring the Company to full operational and regulatory compliance.
“Further to the announcement issued by Union Dicon Salt Plc (Union Dicon or the Company) dated 3 March 2026, notifying the investing public that the Company has been unable to contact its majority shareholder, Aims Limited, Union Dicon wishes to provide further clarification about the Company and its efforts to return to productivity in line with the rules of Nigerian Exchange Limited (The Exchange or NGX).
“The Company has experienced a prolonged period of inactivity, during which production and other business operations were largely dormant. Consequently, the Company was placed on The Exchange’s Delisting Watchlist (Which is reserved for companies that have been served a delisting notice.
“However, the delisting process has been put on hold and the Company received a stay of action from the Exchange for a defined period during which it undertakes to cure the issues that led to the issuance of the delisting notice), and its Management was granted a period of two (2) years by NGX to implement measures aimed at restoring the Company to full operational and regulatory compliance,” the statement read.
Steps
Union Dicon Salt Plc noted that it took significant steps to reposition the company, following the assumption of the company’s new management.
The company said the steps include commissioning of the company’s salt and pepper production facilities, with the requisite NAFDAC approvals. It also commenced packaging operations for Dicon Salt and Dicon Hot Pepper.
The salt producer further revealed that its management also maintained active engagement with substantial shareholders holding five percent or more equity interest in the Company, ensuring continuous communication and alignment with the company’s new strategic direction.
“Following the assumption of the new Management, significant steps have been taken to reposition the Company, including: the commissioning of the Company’s salt and pepper production facilities, with the requisite NAFDAC approvals obtained, commencement of packaging operations for Dicon Salt, and commencement of packaging operations for Dicon Hot Pepper.
“Management has also maintained active engagement with substantial shareholders holding five percent and above equity interest in the Company, ensuring continuous communication and alignment with the Company’s new strategic direction,” the company said.
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“However, the Company has not been able to reach its majority shareholder due to its long period of inactivity, despite making all reasonable efforts.
“As part of the efforts to reposition the Company and bring it into full compliance with the post-listing requirements of the NGX, the need to have the majority shareholder on board has become an urgent necessity.
“The Company remains committed to maintaining the highest standards of corporate governance, transparency, and regulatory compliance, and will continue to work diligently towards restoring normal operations as a compliant listed entity on the Exchange,” the statement stated.
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