The newly constituted management of Union Dicon Salt (UDS) has assured their shareholders of improving the performance of the company in the coming years.
As part of its restructuring process, the company appointed Bex Nwawudu and Chuka Mordi as Co-Managing Directors of the company, while former Acting Managing Director , Col. Henry Mgbemena, reverts to his former role of Executive Director -– Production.
Speaking, Nwawudu said “ We are committed to ensuring that Union Dicon Salt Plc achieves and surpasses its objectives of industrial operational turn-around, increased repositioned production, and excellent increased delivery capacity”
Continuing, he said “A key element of our investment philosophy is that we are dedicated to developing Nigeria transform UDS into a world class Agribusiness and food processing company through access to funds, projects and partnerships and indeed the whole of Africa, by actively supporting, through funding and capital development, projects that yield accelerated, yet sustainable and consistent growth.
We strongly believe that Union Dicon Salt incorporates all of these elements Nigeria and indeed West Africa is crying out for increased local food production and sector value-added.”
In the last quarter of 2013, CBO Capital Partners became a significant minority shareholder in Union Dicon Salt, by acquiring 44 million units at the par value, 15 per cent of UDS Plc, whilst also being awarded a board management contract and option to purchase an additional 240 million units in order to have a controlling stake in the company at a placement price of N14 each.