CBO Capital, Union Dicon Salt Share Expansion Plans With Shareholders

Union Dicon Salt, the management of CBO Capital, core investors in the company, shared its expansion plans and growth strategy with the shareholders, as part of the ongoing restructuring and repositioning of the company.

According to General T.Y Danjuma (rtd.), chairman of Union Dicon Salt, said that following a strategic review, and in recognition of changes in the operating environment, the company is embarking on major diversification.

He said the diversification is “…by investing in the agricultural and industrial goods sector of the economy; we are committed to the continuous review and improvement of the company’s strategy and operations. This is also why both Chuka Mordi and Bex Nwawudu have been ratified by the board as Directors, with Chuka Mordi being appointed Managing Director of Union Dicon Salt. With these changes, I am confident that our company will experience a significant improvement in activities before the end of the next financial year.”

Speaking at the event, Chuka Mordi, managing director Union Dicon Salt, and director, CBO Capital said: “As one of the most iconic and recognized brands in Nigeria, Union Dicon Salt is set to branch out and diversify into agriculture and the manufacture of other allied products. Significant amount of work has been put in place to achieve this mandate, with the necessary transactional approvals obtained from SEC, NSE and other regulating institutions.

“We are moving ahead rapidly to ensure the company’s growth. With our dedicated management team and group of experts, we intend to transform Union Dicon Salt into a world class Agribusiness and food processing company that meets the economic, business and food needs of the Nigerian people.”

The duo of Bex Nwawudu and Chuka Mordi are both directors of CBO Capital, a leading private equity and investment management group based in Lagos, Nigeria.

In the last quarter of 2013, CBO Capital Partners became a significant shareholder in Union Dicon Salt, by acquiring 15% of UDS Plc, whilst also being awarded a broad management contract and options to purchase a controlling stake in the company.

Union Dicon Salt Plc operates in the Nigerian Consumer Goods Section and was established in 1984.

It has two factories; one in Lagos and another in Port Harcourt with a total installed production capacity of 700, 000 Metric tons per year.

CBO Capital, on the other hand, is a leading Investment and Project development firm based in Lagos, Nigeria.

It was established with the aim of servicing and supporting business growth in Africa.

Its Asset Management subsidiary, CBO Investment Management (CBO IM) is currently raising a $150m Private Equity Fund, for investment across the West African region.