Dufil Prima Foods Plc has announced of its merger with three of its former subsidiaries; De United Foods Industries Limited, Northern Noodles Limited and Pure Flour Mills Limited.
These three former subsidiaries have now been dissolved without winding up, leaving Dufil Prima Foods Plc as the surviving enlarged company.
This merger was achieved by a Scheme of Arrangement unanimously approved by the shareholders of each company and sanctioned by the Federal High Court and all appropriate regulatory authorities.
These regulatory authorities include but are not limited to; the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC) and the Federal Board of Inland Revenue. The Consent of Creditors was also duly obtained and the Federal Competition Commission and all other relevant Stakeholders duly notified.
The merger guarantees that Dufil Prima Foods as the surviving and enlarged company shall be a stronger and more dependable manufacturing company that has the critical mass, product line diversity, structure and market intelligence to compete in the same market as other big manufacturing companies.
This, the company said, is an attractive combination for stakeholders as customers will benefit from its wider and better-integrated array of products and services; employees will enjoy the advantages and opportunities of being a part of a larger, stronger company; and shareholders will have the opportunity to continue to participate in the success of a bigger enterprise.
The chief operating officer, Dufil Prima Foods, Adesh Jain, said: “following receipt of all regulatory approvals, the union between Dufil Prima Foods, De United Foods Industries, Northern Noodles and Pure Flour Mills took effect from the 1st of June 2022 as stipulated in the Scheme of Arrangement.
“This is a huge step towards consolidating our status as Africa’s largest pasta and instant noodle manufacturer. The merger will benefit our numerous consumers as more resources will be committed to Dufil Prima Foods Plc with the goal of providing superior quality of products. This giant step will also consolidate our efforts in becoming one of the largest FMCG companies in Nigeria, and Africa by extension.”
Jain further stated that the overall outcome will be a more stable company with an extremely strong capital base that will position Dufil Prima Foods as a major player in the FMCG sector in all the markets it operates in.