NSE has announced the lifting of the suspension of Union Dicon Salt Plc, one (1) of the six (6) listed companies that were suspended on 1 September 2020. The suspension placed on trading on the shares of the Union Dicon Salt Plc was lifted on Monday, 19 October 2020.
In view of the Company’s submission of its outstanding financial statements, and pursuant to Rule 3.3, of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.
The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”.
Brief History about Union Dicon Salt Plc
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.
Dicon Salt Limited’s factories were closed in 1988 after a price war and were reopened, after nine (9) months. The months during which the Dicon factory was closed were used in upgrading the facilities. An ultra-modern salt laboratory was put in place for all analytical works and the company embarked on a search for producers of food-grade bulk salt.
The company merged with Union Salt Limited and was incorporated in 1991 as Union Dicon Salt Ltd. The then private Company became a Plc and later sold its shares to the public. It was listed on the Nigerian Stock Exchange (“NSE”) on the 23rd of September, 1993.
As at today, Union Dicon Salt Plc. has an authorized share capital of N300 million corresponding to its 600,000,000 Units at 50k each.